Applied Optoelectronics (AAOI) saw its stock price plummet 5.08% during intraday trading on Wednesday, marking a significant decline for the optical components manufacturer.
The sharp drop followed news that company director Cynthia DeLaney filed a Form 144 to propose the sale of 56,575 shares of common stock with an approximate aggregate market value of $10.7 million. This insider selling activity, which follows her previous sale of 21,000 shares three months earlier, likely contributed to negative investor sentiment and selling pressure on the stock.
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