Stephen W. Beard, holding the dual roles of Chairman and Chief Executive Officer at Covista Inc. (NASDAQ: CVSA), has completed the sale of company shares valued at approximately $690,197. The transaction details were disclosed through a Form 4 filing submitted to the Securities and Exchange Commission, outlining the specific mechanics and timing of the divestment.
The sales were executed across two distinct trading days in June 2026. On June 10, 2026, Beard disposed of 2,762 shares. The weighted average price for this initial tranche was recorded at $130.1388 per share. Individual trades within this specific transaction were executed at prices ranging from $130.02 to $130.39. The following day, June 11, 2026, Beard sold an additional 2,529 shares. This second set of transactions carried a weighted average price of $130.7847 per share, with individual trade prices varying between $130.26 and $131.465. Collectively, the shares were sold across a weighted average price range of $130.1388 to $130.7847.
These transactions were not discretionary. They were carried out pursuant to a Rule 10b5-1 trading plan that Beard adopted on December 10, 2025. This plan aligns with Covista’s Insider Sales and Ownership Policy Addendum. The shares sold represent a portion of Beard’s holdings that exceeded the company’s Stock Ownership and Holding Requirements. The execution occurred in pre-scheduled increments under the established trading plan framework. Covista policy explicitly dictates that no discretionary trades by the reporting person are permitted. Consequently, all sales must occur pursuant to a pre-established Rule 10b5-1 trading plan unless a hardship exception applies.
Following the completion of these transactions, Stephen W. Beard directly owns 424,033 shares of Covista Inc. common stock. The sales activity takes place after Covista shares have surged 38% over the past six months. At the time of the report, the stock was trading at $128.40, reflecting a market capitalization of $4.38 billion.
Analysis from InvestingPro suggests that Covista appears undervalued at current levels based on its Fair Value estimate. For investors seeking deeper insights, InvestingPro offers a comprehensive Pro Research Report on CVSA, one of 1,400+ US equities covered with expert analysis and actionable intelligence. Covista stock data indicates a recent closing price of 128.40, representing a decline of 3.49 or 2.65% from the previous session. After-hours trading showed a movement to 133.00, an increase of 4.60 or 3.58%. The company has also made significant strides in its educational offerings by expanding its AI credentials to students across its five institutions, in collaboration with Google Cloud. Over 3,400 learners enrolled in the first week, highlighting strong interest in the AI-powered learning environment that Covista is developing. The company plans to pilot this system later this year, aiming to provide personalized educational experiences.
In a strategic move, Covista appointed Michael Betz as Chief Growth & Innovation Officer. Betz will oversee the company’s marketing organization and consolidate its digital and marketing functions to enhance student engagement. Additionally, Truist Securities initiated coverage on Covista with a buy rating, citing the company’s potential to benefit from healthcare demand and labor shortages. These recent developments reflect Covista’s ongoing efforts to innovate and grow within the educational and healthcare sectors.