Why Is SilverSun Technologies (SSNT) Stock Down 20% Today?


  • SilverSun Technologies (SSNT) stock is down Wednesday on insider selling.
  • The company’s CEO sold 96,556 shares for about $2.2 million.
  • These sales took place across several days starting near the end of May.
SSNT Stock - Why Is SilverSun Technologies (SSNT) Stock Down 20% Today?

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SilverSun Technologies (NASDAQ:SSNT) stock is down on Wednesday after company CEO Mark Meller sold shares.

The SilverSun Technologies CEO sold batches of SSNT shares across several days. That saw his total number of shares owned decrease from 270,944 units to 174,388 units during that period. All of these are directly held by Meller.

Let’s break down the SSNT stock sales made by the company CEO below!

SSNT Stock Sales

  • Meller sold 21,640 shares of the company’s stock for an average price of $18.8666 each on May 31, 2024.
  • He then sold 53,856 shares of SSNT stock for an average price of $18.3823 per share on June 3, 2024.
  • Next, the company CEO sold 31,000 shares of his stock for an average price of $18.685 each on June 4, 2024.
  • Meller closed out his selling spree with another 11,700 units sold for $19.0705 per share on June 4, 2024.
  • All in all, the CEO sold 96,556 shares of SSNT stock for roughly $2.2 million.

While there is nothing wrong with a company CEO selling its stock from time to time, it can act as a negative catalyst for the shares. This is due to investors in the company seeing it as a sign of the executive lacking confidence in the business.

SSNT stock is down 19.7% as of Wednesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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