Director Fred Faching Chang sold 152,787 shares for $3.7M (May 4–18); stock has collapsed -85.1% from 52-week high, -52.2% in 30 days.
Director Fred Faching Chang executed 11 separate sales totaling 152,787 shares for $3,703,835.25 over a two-week period (May 4–18), at a blended average price of $24.24. The selling occurred amid severe price deterioration: the stock has fallen -85.1% from its 52-week high of $137.84 and declined -52.2% over the prior 30 days, currently trading at $20.57. Notably, his prior two sales at NEGG (May 1 and April 30) both proved well-timed, with negative 90-day returns of -42.5% and -43.5% respectively, establishing a 100% well-timed rate on same-ticker history. The series of sales began at $31.88 on May 4 and progressively shifted lower, with the final tranche at $19.66 on May 18, suggesting either a pre-planned staged exit or response to deteriorating conditions. The director retained 3,246,646 shares post-transaction, representing a -4.5% reduction in holdings. The company's fundamentals show limited momentum (annual revenue growth of -1.2%, P/E of 158.23), raising questions about whether the director's liquidation reflects conviction about near-term risk or represents part of a broader pattern of exits during price weakness.