SEALSQ Corp (NASDAQ: LAES) experienced a significant decline in its stock price on December 30, 2024, closing at $8.57, down 5.62% from the previous close of $9.08. The stock opened at $8.04, a sharp drop from its prior close, and reached a low of $7.54 before recovering slightly. The trading volume was notably high at 50,756,858 shares, nearly 187% of the average daily volume, indicating heightened investor activity. The decline was primarily driven by a report from Maxim Group, which lowered its price target for SEALSQ from $2.25 to $1.75, despite maintaining a "buy" rating. This adjustment likely contributed to investor uncertainty and selling pressure.
The stock's movement was also influenced by discussions on Reddit, where SEALSQ's focus on quantum computing and secure chips has been a topic of interest. Despite the recent funding of $60 million and regained Nasdaq compliance, the lowered price target overshadowed these positive developments.