Mobile Iron’s shares dipped following the announcement that its CEO Barry Mainz has left the company.
Shares of mobile security company MobileIron (NASDAQ:MOBL) dipped on Tuesday (October 17), following the announcement that its CEO, Barry Mainz, has left the company.
According to the release, the decision for Mainz to leave the company was mutual, although no further details of his departure were provided.
At Tuesday’s close, MobileIron’s stock price had tumbled 2.56 percent to $3.80; meanwhile, after hours trading sent it down another 10.53 percent to $3.40 as of 5:38 p.m. EST on Tuesday.
Replacing Mainz as CEO and president of the company is former CFO Simon Biddiscombe, effective immediately, the release states.
“I’m honored and excited to lead MobileIron through its next phase of growth,” Biddiscombe was quoted saying.
In addition to the leadership change, MobileIron also reported preliminary Q3 results in the same release, although its forecast is less than what analysts had previously projected. According to the announcement, MobileIron projects revenue to fall between $42 and $43 million–a growth of one-to-four precent year-over year–although it is slightly less than the $45.2 million that analysts surveyed by FactSet predicted.
Since going public in mid-2014, shares of MobileIron haven’t been able to find stable footing, sliding 63.11 percent since its IPO date of June 20, 2014. That being said, 2017 overall has been much kinder to its stock. Since January 3, MobileIron’s shares have risen slightly by 1.33 percent.
Despite the lackluster movement to Mobile’s share price, Wall Street Journal analyst ratings project a high of $7 a share for the company and a low of $4.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.