Micron CEO Sells $29 Million of Stock at Highs; Is Sanjay Mehrotra’s Selling Over?

TradingKey - Micron's CEO cashes out by selling shares at high prices, but the share reduction plan is not yet over.

On July 28, Eastern Time, Micron Technology ( MU) continued its downward trend, briefly falling below the $800 mark to a low of around $790, hitting a new two-month low. Micron's stock price ultimately fell nearly 9% to close at $820.53, making investors marvel at CEO Sanjay Mehrotra's high-price selling while raising concerns about potential future sell-offs.

Micron stock price chart, Source: TradingView

Under the Rule 10b5-1 trading plan, Mehrotra sold another 40,000 shares of Micron stock on July 24 at an average price between $906 and $965, cashing out approximately $29 million. Notably, Micron's stock price soared above $1,200 on the second trading day (June 25), hitting a record high.

Prior to this, Mehrotra had already sold over $46 million worth of Micron stock, but he still holds about 900,000 shares of Micron stock, with the potential for further selling. On January 30 of this year, Mehrotra was officially approved to execute the Rule 10b5-1 trading plan, meaning that brokers will automatically trigger the sale of corresponding shares in batches periodically over the next 12 months, which poses a potential drag on Micron's stock price.