Trump announces 100% chip tariff as Apple ups U.S. investment
Charles M. Piluso, Chairman and CEO of Data Storage Corp (NASDAQ:DTST), recently sold 2,048 shares of common stock, totaling $8,663. The shares were sold at a price of $4.23 each. The transaction comes as DTST shows strong momentum, with the stock up 19% in the past week and an impressive 74% over the last year. Following this transaction, Piluso directly owns 377,382 shares. Additionally, he has indirect ownership of shares through various family trusts and associations, including Piluso Family Associates and The Lasata 2012 Trust. The stock sale was executed to satisfy tax withholding obligations. According to InvestingPro, DTST maintains strong financial health with a current ratio of 4.8x and holds more cash than debt on its balance sheet. Discover more insights about DTST and access comprehensive insider trading analysis with InvestingPro's detailed research reports, covering over 1,400 US stocks.
In other recent news, Data Storage Corporation reported a slight dip in its third-quarter revenues for the fiscal year 2024, with revenues falling to $5.8 million, a 3% decrease year-over-year. This was primarily due to a drop in one-time equipment sales. However, the company showed growth in recurring subscription revenue and an improved gross profit margin of 43.2%, up from 38.9% in the previous year. Despite the revenue decline, the firm secured significant contracts in key sectors and has plans for expansion in the U.K. These developments have led to an optimistic outlook for growth and profitability in the upcoming year. The company's CloudFirst subsidiary is projected to generate over $20 million in recurring revenue for 2025. Furthermore, Data Storage Corporation ended the third quarter with $11.9 million in cash and marketable securities, and no long-term debt. These are the recent developments for Data Storage Corporation.
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