Laura Oliphant, a member of the board at Aehr Test Systems (NASDAQ:AEHR), reported the sale of 4,546 shares of the company's common stock on January 22, 2026, in a Form 4 filing with the Securities and Exchange Commission. The transactions occurred across multiple trades at prices between $31.38 and $31.485 per share, producing aggregate proceeds of $142,750.
Following those transactions, the filing shows Oliphant retains direct ownership of 18,432 Aehr Test Systems shares. The disclosure also notes an indirect holding of 7,665 shares held through a trust.
Separately, Aehr Test Systems disclosed second-quarter results for fiscal year 2026 that included a decline in revenue and a net loss. Management has revised down its revenue outlook for the second half of the fiscal year, forecasting between $25 million and $30 million in revenue for that period. That guidance sits well below a previously published estimate from Craig-Hallum of roughly $42 million for the same span.
In response to the revised expectation, Craig-Hallum lowered its price target on Aehr Test Systems to $21.00 from $24.00 while retaining a Hold rating on the shares. William Blair maintained its Market Perform rating and highlighted the company’s progress with artificial intelligence wafer level burn-in evaluations and a limited number of packaged-part orders. According to William Blair, those developments have not fully offset a decline in silicon carbide revenue.
The company's reported backlog stood at $11.8 million at quarter-end, with a current backlog of $18.3 million, reflecting the state of order flow and operational dynamics disclosed with the earnings release.
This combination of insider selling, a quarterly revenue decline and reduced near-term guidance has been reflected in analyst commentary and target adjustments. The filings and the company’s public disclosures provide a snapshot of recent insider activity alongside the financial and operational indicators that management and analysts have emphasized.