Sivers Semiconductors: CEO Goes Against the Grain as Lock-Up Expiry Triggers Insider Divergence
Published on 07/24/2026 at 21:11 | Redaktion boerse-global.de
The past month has been punishing for shareholders of Sivers Semiconductors, with the Swedish photonics company losing nearly 60% of its market value. Yet beneath the surface of this dramatic sell-off, a more nuanced picture is emerging — one where the company's top executives are sending sharply conflicting signals about where they see the stock heading.
The catalyst for the turmoil was the expiration of a lock-up agreement on July 16, which freed several major shareholders and insiders to trade their stakes for the first time since a targeted share issuance in April. What followed was a flurry of insider activity that has left the boardroom split wide open.
Insider Moves Point in Opposite Directions
The most striking divergence came from the company's chairman and its chief executive. Chairman Bami Bastani moved quickly after the lock-up lifted, selling 275,000 shares on the very first day. He also donated 60,000 shares to charitable organizations and gifted another 70,000 to family members. Bastani retains 381,360 shares, a portion of which is now subject to a fresh one-year holding period.
On the other side of the ledger, CEO Vickram Vathulya did the opposite. He purchased 70,000 additional shares on the open market, boosting his total holdings to approximately 4.54 million shares, supplemented by 3.7 million stock options. It's a notable vote of confidence from the person running the company, especially given the backdrop of heavy selling by other insiders.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The largest disposals came from Headwaters Capital LLC, the investment vehicle of board member Todd Thomson, which sold 950,000 shares through July 22 and donated another 50,000 shares to a nonprofit.
Short Sellers Quietly Exit the Stage
While insiders were trading in opposite directions, professional short sellers were making their own calculations. The total short interest in Sivers has plummeted to just 2.76% of share capital as of July 23, down from 6.69% at the beginning of May. Hedge fund Two Sigma Investments has reduced its position below the 0.5% reporting threshold, leaving only a single institutional investor with a disclosed short position.
The timing is telling. Short sellers are covering their bets even as the stock continues to slide — a dynamic that suggests they see limited further downside after the recent rout.
Accounting Overhaul Adds Complexity
Compounding the uncertainty is a major accounting restatement tied to Sivers' plans for a secondary listing on the Nasdaq in New York. To comply with the standards of the U.S. Public Company Accounting Oversight Board (PCAOB), the company has revised its financial reporting, resulting in a significant upward adjustment to its net loss for fiscal 2025 — from 141 million Swedish kronor to 223 million kronor. The changes stem from new rules on revenue recognition between reporting periods, as well as revised valuations for inventory and capitalized development costs.
The company has postponed its second-quarter earnings report to August 27 to allow time for the PCAOB-compliant audit to be completed. Starting July 28, a 30-day closed period under EU market abuse regulations will prohibit insiders from trading further, effectively putting the current insider drama on pause.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Technical Picture Points to Oversold Territory
The stock closed at €2.90 on Friday, down 3.2% on the day and a staggering 72% below its 52-week high of €10.23 reached in early June. The 14-day relative strength index sits at 35.9, inching toward the 30 threshold that technicians consider oversold — a potential setup for a technical bounce. However, the annualized 30-day volatility of nearly 162% underscores just how turbulent the ride has been.
Trading at roughly 51% below its 50-day moving average of €5.95, the stock remains firmly in downtrend territory. But with short sellers retreating and the CEO putting his own capital to work, the ingredients for a potential reversal are beginning to accumulate — even if the path ahead remains anything but clear.
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