Hung-Lun (Fred) Chang

AAOI CFO Hung-Lun Chang sells 40,329 shares for $6.9M under 10b5-1 plan; stock down 30.7% from 52-week high despite 84.9% 90-day rally

Hung-Lun (Fred) Chang sold 40,329 shares of APPLIED OPTOELECTRONICS, INC. (AAOI) at $170.60 on 2026-06-17 for $6,880,127.40, reducing his holdings from 326,453 to 286,124 shares. This transaction is part of a pre-arranged 10b5-1 trading plan adopted on 2026-03-18, meaning it was scheduled rather than discretionary. The sale occurs against a mixed price backdrop: the stock currently trades at $161.85, down 30.7% from its 52-week high of $233.67 but up 84.9% over the prior 90 days and up 30-day return of -5.5%. The company's fundamentals show strong revenue growth at 82.8% year-over-year ($151.1M in latest quarter), but it remains unprofitable with negative full-year net income of -$14.3M. The scheduled nature of this transaction under a 10b5-1 plan removes discretionary signal value; what merits attention is the gap between the company's aggressive revenue expansion and its sustained losses, which contextualizes sustained insider selling activity.

Hung-Lun (Fred) Chang sold 34,000 shares of AAOI at $166.53 on 2026-06-12 for $5,662,020.00; stock now -26.9% from 52-week high.

Hung-Lun (Fred) Chang sold 34,000 shares at $166.53, reducing his holdings by 9.4% versus pre-transaction levels. Applied Optoelectronics is unprofitable with a full fiscal year net income of $-14,281,000.00, yet has achieved annual revenue growth of +82.8%. The sale occurs with the stock trading at $170.81, down 10.3% over the past 30 days and down 26.9% from its 52-week high of $233.67. Across his two prior sells at AAOI, one measurable outcome (2026-03-16 sale) showed a 90-day return of +68.6%, indicating the stock rose after that earlier sale; his broader cross-ticker track record of 2 prior sells shows 0.00% well-timed rate at the 90-day mark.

Chang Hung-Lun (Fred) sold 33,630 shares of AAOI at $173.26 on 2026-05-19; current price $171.33 reflects -26.7% from 52-week high of $233.67.

Chang Hung-Lun sold 33,630 shares (7.9% of pre-transaction holdings of 425.4K shares) at $173.26, leaving him with 391.8K shares. The sale occurred when AAOI was trading -26.7% below its 52-week high of $233.67, though the 30-day price change shows +7.5% and the 90-day change shows +294.4%. The company generated $151.1M in quarterly revenue but reported net income of -$14.3M, with annual revenue growth of +82.8% against a full-year negative net income backdrop. At a $13.7B market cap, AAOI remains unprofitable despite strong topline expansion.

SVP Chang Hung-Lun sold 36,400 shares of AAOI at $100.24 (Mar 16), reducing stake 13.5% to 233.6K shares amid unprofitable operations and recent +216.7% rally.

Chang Hung-Lun sold 36,400 shares at $100.24 on 2026-03-16, netting $3,648,918.00, and retains 233.6K shares (post-transaction). This 13.5% reduction in holdings occurs in the context of significant volatility and fundamental weakness: AAOI is trading at $92.63, down 27.1% from its 52-week high of $127.01, yet the stock has surged 216.7% over 90 days. The company generated $118.6M in latest-quarter revenue with strong 82.8% annual growth, but remains unprofitable (net income of $-17.9M for the full fiscal year). The sale at $100.24—near the recent 52-week high—represents execution during a period of elevated valuation momentum while the underlying business has not yet achieved profitability. The trade itself does not indicate a conviction-driven decision; rather, it reflects a sizable holding reduction by a senior officer during a time of dramatic price appreciation offset by persistent operational losses.