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Patrick J. Kerins, a ten percent owner of BuzzFeed Inc. (NASDAQ:BZFD), recently sold a significant portion of his holdings in the company. The sale comes as BuzzFeed, currently valued at $74.48 million, faces significant debt burden and rapid cash burn according to InvestingPro analysis. According to a filing with the Securities and Exchange Commission, Kerins disposed of Class A Common Stock in multiple transactions over three consecutive days.
On March 12, Kerins sold 28,272 shares at a weighted average price of $1.9756 per share. The following day, March 13, he sold an additional 61,448 shares, with prices ranging from $1.97 to $2.16 per share. The sales concluded on March 14 with the disposal of 273,246 shares at prices between $2.15 and $2.37 per share. Despite the selling pressure, the stock has shown resilience with a 7.84% gain over the past week.
In total, these transactions amounted to $798,005, with a price range between $1.9756 and $2.2631 per share. Post-transaction, Kerins holds 3,401,499 shares indirectly, as noted in the filing. For deeper insights into insider trading patterns and comprehensive financial analysis, including 8 additional key ProTips, check out the full BuzzFeed research report on InvestingPro.
In other recent news, BuzzFeed Inc. reported its financial results for the year 2024, noting a significant decline in total revenue by $40.6 million. Advertising revenue decreased by 17%, and content revenue fell by 49%, although commerce revenue rose by 23%. Despite these challenges, BuzzFeed achieved a 146.8% growth in adjusted EBITDA, reflecting effective cost-cutting measures and strategic shifts. The company is investing $10 million in AI initiatives, aiming to develop a new platform called BF Island. BuzzFeed’s strategic focus on AI and technology aims to enhance audience engagement and operational efficiency. Looking ahead to 2025, the company projects revenue growth between 3% and 10%, with anticipated revenues ranging from $195 million to $210 million. Additionally, BuzzFeed expects adjusted EBITDA to be between $10 million and $20 million. The company has also reduced its debt significantly, reinforcing its financial stability.
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