CEO Mike Slessor’s January Sales Hit 52‑Week High on FormFactor – Investors Watch for Signals of Confidence or Caution

Insider Selling on a Rising Stock: What FormFactor Investors Should Watch

FormFactor Inc. has once again seen its CEO, Mike Slessor, liquidate a sizeable block of shares – 6,976 shares on January 15, 2026, followed by 6,112 shares the same day – under a Rule 10b5‑1 trading plan. The average sale price was $76.43 and $77.24, respectively, comfortably above the current market price of $75.28. This timing is notable because the stock has just hit a 52‑week high of $76.19 and is on a 34.48 % rally from the start of the month. While the trades are routine under a pre‑established plan, the volume and timing raise questions for investors: is the CEO simply profiting from a well‑timed plan, or are there underlying concerns about the company’s near‑term prospects?

A Pattern of Strategic Liquidations

Looking back over the past year, Slessor’s trading history shows a mix of large sales and smaller purchases, with an overall trend of reducing his shareholding when prices rise. In December 2025, he sold 5,606 shares at $56.19 and 2,063 shares at $56.82, and in November he sold a total of 9,391 shares at prices ranging from $52.25 to $54.22. These sales coincided with periods of significant volatility—often when the stock was above $70—suggesting a disciplined approach to cashing in gains. Conversely, the CEO has bought back shares in August and May 2025, typically at lower price points, indicating a willingness to reinvest when the stock is perceived as undervalued. The recent January sales continue this pattern, underscoring a strategy that balances liquidity needs with a long‑term investment stance.

Implications for Investors and the Company’s Future

For shareholders, the key takeaway is that insider selling, especially under a 10b5‑1 plan, does not inherently signal a lack of confidence. However, the timing—right after the stock hit a 52‑week peak—could be interpreted as a cautious hedge against a potential pullback in a market that has already delivered a 73 % year‑to‑date gain. Analysts are monitoring whether this pattern of sales will continue as FormFactor’s product pipeline, particularly its AI‑enabled wafer probe cards, moves toward commercial deployment. If the company delivers on its growth targets, the stock may sustain its upward trajectory, making the CEO’s sales less consequential. Conversely, if product delays or margin pressures emerge, insider liquidity could presage a more significant sell‑off.

Who Is Mike Slessor? A CEO With a Clear Trading Discipline

Mike Slessor is a seasoned executive who has steered FormFactor through rapid scaling and product innovation. His insider trading record reveals a consistent use of Rule 10b5‑1 plans to manage personal liquidity while avoiding market timing. Over the past two years, he has sold roughly 140,000 shares at a median price of $56–$75, generating cash that likely funds personal and company initiatives. His purchases, totaling about 70,000 shares, tend to occur at lower valuations, reflecting a long‑term commitment to the firm’s vision. The balance between sales and purchases suggests that Slessor views his holdings as an asset that he can manage strategically rather than as a speculative position.

Bottom Line for Investors

The CEO’s recent sales, while noteworthy, align with a disciplined, pre‑set strategy that has been in place since August 2025. They do not, on their own, signal a looming crisis. Investors should instead focus on FormFactor’s fundamentals: a robust product pipeline targeting AI‑driven semiconductor manufacturing, a strong market position, and a stock that has recovered sharply from a low 2025 floor. As the company navigates the next product milestones, insider activity will continue to be a barometer of management confidence, but the current pattern suggests a balanced approach to personal liquidity rather than a rash divestiture.