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Wayne-Kent A. Bradshaw, a director at Broadway Financial Corp (NASDAQ:BYFC), recently sold 445 shares of the company’s common stock. The shares were sold at an average price of $7.795 each, totaling approximately $3,468. The transaction comes as the stock has shown strong momentum, with a remarkable 50% gain over the past six months. According to InvestingPro analysis, BYFC currently trades at a high P/E multiple of 189x, though technical indicators suggest the stock remains slightly undervalued. Following this transaction, Bradshaw holds 37,780 shares, which includes adjustments for a reverse stock split effective October 31, 2023, and 5,216 shares allocated under the company’s Employee Stock Ownership Plan (ESOP). The micro-cap company, with a market capitalization of $65.4 million, has additional insights available on InvestingPro, including exclusive ProTips and detailed financial metrics.
In other recent news, Broadway Financial Corporation has announced a significant change in its auditing partnership. The company’s Audit Committee has approved the appointment of Crowe LLP as their new independent registered public accounting firm for the fiscal year ending December 31, 2025. This transition follows the completion of the audit for the fiscal year ending December 31, 2024, by the company’s previous auditor, Moss Adams LLP.
Broadway Financial’s relationship with Moss Adams concluded without any adverse opinions or qualifications regarding uncertainty, audit scope, or accounting principles for the years ended December 31, 2023, and 2022. However, Moss Adams had previously identified and reported material weaknesses in Broadway Financial’s internal control over financial reporting, which were discussed with the Audit Committee.
Broadway Financial has not consulted Crowe LLP on any accounting principles or audit opinion application, nor on any matters of disagreement or reportable events defined by the SEC’s Regulation S-K during the periods ending December 18, 2024. The recent developments in Broadway Financial’s auditing partnerships indicate the company’s commitment to improving its financial reporting practices.
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