ACMR Insiders Exit at $73–$82 as Stock Slips to $68
Three ACM Research insiders sold a combined $15.3 million of shares between August 18 and September 9, 2026 at prices ranging from $73.80 to $82.17. The stock now trades at $68.10 — below every disclo
ACMR Insiders Exit at $73, $82 as Stock Slips to $68
NEW YORK, October 13 —
Three insiders at ACM Research, Inc. (ACMR) sold a combined $15.3 million in shares at $73.80 to $82.17 between August and September 2026. The stock now sits at $68.10, below every disclosed exit price, even as the company has delivered two consecutive quarters of large EPS beats.
- Two consecutive EPS beats: 71.2% and 80.2% positive surprises on $1.04B trailing revenue with 36% year-over-year growth.
- Three insiders sold $15.3M at $73.80, $82.17; current share price of $68.10 is below every disclosed exit.
- Despite $1.04B revenue, free cash flow was negative $187M; the company holds $1.09B net cash.
All Sells, No Buys
ACM Research, Inc. makes semiconductor cleaning and electroplating tools, including SAPS and TEBO wet-cleaning platforms and Ultra ECP advanced packaging tools for fabs in Mainland China and international markets. All three insider transactions between August 18 and September 9 followed an exercise-and-sell structure, with options acquired at $1.00 to $19.49 exercised and liquidated the same day. David Wang sold 140,000 shares in nine transactions across two days at $73.80 to $78.57. Mark McKechnie sold 55,199 shares on August 20 at $76.34 to $77.89. Exercise-and-sell is standard option monetization, but the absence of any reported purchase across the 90-day window sharpens the picture.
What Two Beats Don't Explain
The EPS headline is striking: 80.2% and 71.2% positive surprises in back-to-back quarters reversed two consecutive misses of 31.9% and 37.5%, all on a revenue base growing 36% year-over-year. But operating cash flow ran negative $7 million on that same base, and free cash flow reached negative $187 million. ACM carries $1.09 billion in net cash against $350 million in debt, providing runway. The gap between EPS beats and cash generation is the figure that investors running a DCF analysis on the stock will need to resolve before the $115.33 consensus price target becomes credible against a current price of $68.10.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| ACMR | $4.7B | 23.2x | +76.3% |
| ACLS | $3.9B | 24.2x | +58.8% |
| AEHR | $2.6B | 56.5x | +186.5% |
| ONTO | $13.4B | 23.4x | +110.0% |
| PLAB | $1.7B | 14.1x | +26.4% |
| SMTC | $15.7B | 28.7x | +148.8% |
What the Next Report Must Show
The next ACM earnings report is the clearest checkpoint. The question is whether EPS beats will begin translating into positive free cash flow, the figure that would either validate the $115.33 analyst target or suggest the 23.2x forward P/E already prices in improvement that hasn't arrived. AI-driven demand for panel-level electroplating and advanced packaging, where ACM was booking production and evaluation orders as of October 8, 2026, is the growth case. A quarter showing positive free cash flow on a $1B-plus revenue base changes the calculus. Run the free ACM Research, Inc. deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Three ACM Research insiders sold a combined $15.3 million of shares between August 18 and September 9, 2026 at prices ranging from $73.80 to $82.17. The stock now trades at $68.10 — below every disclosed insider exit price — while analysts maintain a consensus price target of $115.33.