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      Insider Selling Caused A Drop In Samsara (IOT) Stock

      By Fahim Awan

      Published on

      December 18, 2023

      1:03 PM UTC

      Insider Selling Caused A Drop In Samsara (IOT) Stock

      Samsara Inc. (NYSE: IOT) shares experienced a downturn, declining by 4.63% and concluding the Friday trading session at $33.99. This decrease was prompted by the divestment of shares by an insider.

      On Friday, December 15, 2023, Marc L Andreessen, a Director at Samsara (IOT), executed the sale of 270,325 shares of the company’s stock. The transaction yielded gross proceeds of $9,599,420, with each share priced at $33.51.

      In a notable development, Samsara recently became a participant in the California Bureau of Automotive Repair’s (BAR) Continuous Testing Program (CTP) pilot. This initiative aims to streamline the in-person smog testing process for public sector fleets in California. Through the integration of emissions and diagnostic data from Samsara with the California BAR, the smog reporting process is now automated at scale, minimizing downtime and enhancing compliance management.

      Government agencies with vehicle fleets in California are obligated to adhere to stringent Smog Check Program requirements. Historically, these manual and time-consuming smog tests have led to substantial downtime, adversely affecting productivity at scale. The integration of data from IOT’s platform enables the California BAR to automate the smog check process, facilitating the issuance of passing scores for eligible government vehicles without the need for in-person inspections.

      The City of Ventura, a Samsara customer, is actively participating in the California BAR CTP pilot. The Public Works Department of the City of Ventura oversees the procurement, maintenance, and repair of numerous city-owned vehicles and equipment. Additionally, they uphold environmental practices and comply with federal and state emissions regulations.

      Samsara caters to government and education clients nationwide, operating at both state and local levels to digitize their operations. By offering a unified platform across all departments and providing actionable insights, Samsara enables public sector agencies to enhance service transparency, promote sustainability, ensure community safety, and make informed decisions based on data.

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