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In a recent move, Michael Bieber, President and CEO of Willdan Group , Inc. (NASDAQ:WLDN), sold a significant number of company shares, according to a filing with the Securities and Exchange Commission. Bieber executed the sale over two days, disposing of a total of 20,482 shares of common stock. The transactions resulted in a substantial gain, with the total value of the sold shares surpassing $700,000.
The shares were sold at weighted average prices that varied slightly between the two days. On the first day, the average selling price was $36.43, with individual transactions ranging from $36.35 to $36.67. The following day, shares were sold at an average price of $36.36, within a narrow range of $36.35 to $36.39. These sales netted Bieber a combined total of $709,084.
In addition to the sales, Bieber also acquired shares through the exercise of stock options on both days. On the first day, he exercised options for 10,273 shares, followed by 9,209 shares on the next day, both at a price of $13.49 per share. The total amount spent on these option exercises was $262,812.
The transactions have changed Bieber's holdings in the company, although he remains a significant shareholder. The SEC filing included footnotes indicating that his ownership includes restricted stock units and restricted stock, which are subject to vesting conditions based on his continued service to the company.
Investors and market watchers often pay close attention to insider transactions like these, as they can provide insights into executives' perspectives on their company's stock value and future prospects. Willdan Group, Inc., headquartered in Anaheim, California, specializes in engineering services and has been a player in the industry under Bieber's leadership.
The sale of shares by Willdan's CEO is a notable event for the company and its investors, reflecting a sizable transaction by a top executive.
"In other recent news, Willdan Group, Inc. has been making significant strides in both the financial and operational aspects of its business. The company recently secured a $102 million energy project with Clark County schools, which is projected to result in $170 million in lifetime energy savings and a $700,000 reduction in annual operations and maintenance costs. This contract represents the second phase of energy efficiency projects for the district, expanding on the scope of the first phase.
In terms of financial performance, Willdan Group has seen robust results in the second quarter of fiscal year 2024. The company reported an 18% organic increase in contract revenue and a 56% year-over-year growth in adjusted EBITDA. Following these results, the firm revised its full-year financial targets upward.
Furthermore, the firm has been expanding its commercial work, particularly in the data center market, with notable contract wins including Meta (NASDAQ:META) and the state of Virginia. Willdan Group's full-year net revenue is anticipated to be between $280 million and $290 million, with adjusted EBITDA projected between $50 million and $52 million, and adjusted diluted earnings per share expected to be between $2 and $2.10. These recent developments highlight Willdan Group's strong financial performance and strategic growth initiatives."
InvestingPro Insights
As investors digest the news of Willdan Group, Inc. (NASDAQ:WLDN) CEO Michael Bieber's recent stock transactions, it's important to consider the company's financial health and market performance. Willdan Group has been demonstrating a strong financial trajectory, as reflected in some key metrics from InvestingPro. With a market capitalization of $500.16 million and a forward-looking P/E ratio of 29.14, the company is positioned as a moderate-sized player in the engineering services sector.
One of the standout InvestingPro Data points is the company's impressive revenue growth over the last twelve months as of Q2 2024, which stands at 20.94%. This growth is indicative of Willdan Group's expanding operations and market reach. Additionally, the company has maintained a solid gross profit margin of 35.16%, which suggests efficient management of costs relative to its revenue.
InvestingPro Tips highlight Willdan Group's expectation of net income growth this year, coupled with a high return over the last year. These insights are particularly relevant for investors considering the context of the CEO's stock sale. The company's liquid assets exceed its short-term obligations, which speaks to its financial stability and ability to meet its immediate financial commitments. Furthermore, Willdan Group operates with a moderate level of debt, which is often a sign of prudent financial management.
While Willdan Group does not pay a dividend to shareholders, the significant price uptick of 73.46% over the last six months suggests that investors have been rewarded with capital gains. This could be a factor in the CEO's decision to sell shares at this time. For those looking for more comprehensive analysis, InvestingPro offers additional tips on Willdan Group, which can be found at https://www.investing.com/pro/WLDN.
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