Lee Kang Jyh, the Chief Executive Officer of Photronics Inc. (NASDAQ:PLAB), recently sold 20,000 shares of the company’s common stock, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, executed on December 19, were sold at a weighted average price range of $25.25 to $25.29 per share, totaling approximately $505,400. The sale comes as the stock has experienced a notable 7.85% decline over the past week, according to InvestingPro data, which also indicates the company is currently trading below its Fair Value.
In addition to the stock sales, Lee Kang Jyh also exercised options to acquire 30,000 shares of common stock at a price of $8.23 per share, a transaction valued at $246,900. Following these transactions, Lee holds 554,600 shares directly. The company maintains robust financial health with a current ratio of 5.07 and minimal debt, holding more cash than debt on its balance sheet. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report, providing deeper analysis of Photronics’ financial position and growth prospects.
In other recent news, Photronics Inc. has been making significant strides in its operations and strategic planning. The company recently welcomed a new director, David Garcia, to its Board of Directors, expanding its size to nine members. Garcia, with his extensive legal expertise and experience in mergers and acquisitions, is expected to contribute significantly to Photronics’ strategic guidance.
The company’s third-quarter earnings for 2024, although slightly below the anticipated figures, underscored the company’s financial stability. Photronics reported an EPS of $0.51 against the projected $0.52 and a revenue of $211 million. Despite the minor miss, the company’s strong cash reserves and low debt profile were highlighted, with a share repurchase program expansion to $100 million.
Photronics has set its Q4 revenue guidance at $213-$221 million with a non-GAAP EPS range of $0.51-$0.54. The company is also keen on expanding its integrated circuit capacity and exploring strategic expansion options in the U.S., Europe, and Asia. DA Davidson, an analyst firm, has maintained a long-term bullish perspective on Photronics’ prospects. The firm raised the company’s target to $35, citing a promising investment year outlook for 2025. These are recent developments that continue to shape the company’s trajectory.
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