Patricia Trompeter, CEO of Sphere 3D Corp. (NASDAQ:ANY), recently sold 35,000 shares of the company’s common stock, totaling $42,350. The shares were sold at an average price of $1.21 each. This transaction was part of a process to cover the company's tax withholding obligations related to the release of vested restricted stock units on December 10, 2024. Following this sale, Trompeter holds 532,187 shares directly. Sphere 3D is involved in finance services, specifically focusing on crypto assets.
In other recent news, Sphere 3D Corporation reported a decrease in its third-quarter 2024 revenue to $2.4 million, down from the second quarter's $4.7 million. The decline was attributed to downtime during the company's transition to new hosting services and fleet upgrades. Despite this, H.C. Wainwright maintained a Buy rating on Sphere 3D, emphasizing the company's efforts to establish a scalable mining infrastructure and reduce dependence on third-party hosting services.
The company also reported mining 9.2 Bitcoin in September, generating a revenue of $0.6 million. As part of its strategic developments, Sphere 3D announced the start of a cost-effective 12.5 MW hosting site in Iowa, aiming to reduce mining costs. However, Sphere 3D faces potential delisting from Nasdaq due to not meeting the minimum bid price requirement and has until April 2025 to regain compliance.
Despite a decrease in Bitcoin mining output and revenue in August, the company added 0.21 EH/s of higher-efficiency machines to its mining fleet. These are recent developments in Sphere 3D's efforts to enhance its operational outlook and maintain a positive rating and price target for its stock.
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