BROOKFIELD, CT – Walter M. Federovich, Director at Optoelectronics (NASDAQ:) announced the sale of 10,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, which occurred on December 24, 2024, was executed at a price of $24.01 per share, for a total consideration of approximately $240,100. The sale comes at a time when Phototronics maintains a strong financial position InvestingPro Data shows that the company has more cash than debt and boasts a healthy current ratio of 5.07x.
After this deal, Fiederowicz has 50,000 shares of Phototronics. Additionally, on December 26, 2024, Fiederowicz disposed of 8,000 shares through a differently classified transaction, at a price of $24.27 per share, for a value of $194,160. This leaves him with a remaining balance of 42,000 directly owned shares. according to InvestingPro By analysis, the stock is currently trading at a P/E ratio of 11.28 times, with analysts setting a consensus price target of $35, indicating a potential upside from current levels.
Phototronics Inc., headquartered in Brookfield, Connecticut, operates within the semiconductor and related devices industry. The company has demonstrated strong profitability with a gross margin of 36.4% and maintains an excellent overall financial score according to InvestingPro Metrics.
In other recent news, Phototronics Inc. Important developments in its Board of Directors and financial expectations. The company appointed David Garcia to its board of directors, expanding the size of the board to nine members. Garcia brings a wealth of legal experience from his thirty-year career, including experience in technology-related transactions and mergers and acquisitions.
Phototronics Inc. announced announced its third-quarter 2024 earnings, revealing earnings per share (EPS) of $0.51, slightly lower than the expected $0.52, and revenue of $211 million. The company's financial stability was underscored by strong cash reserves, low debt and the expansion of its stock repurchase program to $100 million. DA Davidson raised his target for Phototronics to $35, maintaining a long-term bullish perspective on the company's prospects.
These are recent developments, and despite near-term challenges in many end markets, analysts from DA Davidson point out that Photronics' strategic moves will contribute to its long-term success. The company is also exploring strategic expansion options in the US, Europe and Asia, demonstrating confidence in the long-term prospects of the photomask market, driven by trends in artificial intelligence and mobile computing.
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