Mister Car Wash’s chief innovation officer Joseph Matheny sells $11,630 in stock

Joseph Matheny, the Chief Innovation Officer at Mister Car Wash , Inc. (NYSE:MCW), recently executed a series of stock transactions as reported in a recent SEC filing. On March 3, Matheny sold 1,378 shares of common stock at a price of $8.44 per share, totaling approximately $11,630. The transaction occurred as MCW trades near its 52-week high of $8.56, with the stock showing strong momentum, up 12.48% in the past week. According to InvestingPro analysis, MCW currently trades at a relatively high P/E ratio of 37.2x. This sale was part of a non-discretionary transaction to cover taxes and fees related to the vesting of restricted stock unit awards.

Additionally, Matheny acquired 5,067 shares of common stock on March 1 through the vesting of restricted stock units. These shares were acquired at no cost as part of his compensation package. Following these transactions, Matheny holds a total of 84,895 shares directly, with an additional 45,000 shares held indirectly through the Emersyn Matheny Irrevocable Trust.

In other recent news, Mister Car Wash Inc. reported its fourth-quarter 2024 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $0.09, compared to the forecasted $0.07. The company also achieved a 9% increase in net revenues, reaching $251 million for the quarter. This growth was attributed to strategic innovations, including the launch of the new Titanium membership service, which now constitutes 23% of the membership mix. For the full year, Mister Car Wash reported a revenue of $1 billion, a 7% increase from the previous year, and an adjusted EBITDA of $321 million, up 12%.

In addition, the company opened 40 new locations, surpassing the 500-store milestone, and appointed its first Chief Technology Officer, Carlos Chavez, to bolster its technological advancements. Stifel analysts responded to these developments by raising Mister Car Wash’s price target to $8.50, maintaining a Hold rating on the shares. The analysts noted the company’s stronger-than-expected same-store sales and EBITDA, though they expressed caution about the sustainability of these trends. Mister Car Wash plans to increase the pricing for its Base Unlimited Wash Club package and ramp up marketing efforts following successful test programs.

Despite the positive financial results, the company remains cautious in its outlook, citing the significant impact of favorable weather on its performance. Management hesitated to predict a robust recovery in retail sales for the remaining months of the year. However, the strategic focus on expansion and innovation positions Mister Car Wash well within the competitive car wash industry.

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