BROOKFIELD, Conn.—Lee Kang Jyh, the Chief Executive Officer of Photronics Inc. (NASDAQ:PLAB), a $1.56 billion market cap company with a "GREAT" financial health rating according to InvestingPro, recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transactions took place over two days, with the CEO selling a total of 18,750 shares.
On January 16, Lee sold 8,750 shares at an average price of $24.40 per share. The following day, January 17, he sold an additional 10,000 shares at an average price of $24.47 per share. These sales amounted to a total transaction value of $458,200. The stock currently trades at a P/E ratio of 11.6, and InvestingPro analysis suggests the stock is currently undervalued.
Following these transactions, Lee holds 562,100 shares of Photronics. The sales were executed in multiple trades, and the reported prices represent the weighted average sale prices. Investors should note that Photronics is scheduled to report its next earnings on February 19, 2025. Get access to comprehensive analysis and 7 additional ProTips with InvestingPro.
In other recent news, Photronics Inc. has expanded its board of directors with the appointment of David Garcia, a seasoned legal expert with a 30-year career spanning roles at Holland & Hart, Wilson Sonsini Goodrich & Rosati, and Venture Law Group. Garcia’s expertise in mergers and acquisitions, venture capital financing, and securities offerings is expected to bolster Photronics’ strategic guidance. This development is part of the company’s ongoing efforts to strengthen its board’s expertise.
Photronics recently reported third-quarter earnings for 2024, revealing an EPS of $0.51, slightly below the anticipated $0.52, and a revenue of $211 million. The company’s robust cash reserves and low debt profile were highlighted as indicators of financial stability. In addition, Photronics has expanded its share repurchase program to $100 million.
DA Davidson has raised its target for Photronics to $35, citing a promising investment year outlook for 2025. Despite acknowledging near-term challenges in various end markets and political uncertainties affecting Taiwan and China, the firm maintains a long-term bullish perspective on Photronics’ prospects.
The company’s Q4 revenue guidance stands at $213-$221 million and a non-GAAP EPS range of $0.51-$0.54. Photronics is keen on expanding its IC capacity and exploring strategic expansion options in the U.S., Europe, and Asia. These recent developments underscore the company’s commitment to growth and financial stability.
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