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Clifford Walker, Vice President of Corporate Development at Power Integrations Inc. (NASDAQ:POWI), a $2.48 billion market cap company currently trading near its 52-week low of $41.19, recently sold shares of the company’s common stock, according to a Form 4 filing with the Securities and Exchange Commission. On April 2, Walker sold 1,088 shares at a price of $50.89 per share, amounting to a total transaction value of $55,364.
This sale was an automatic transaction to cover the tax liability associated with the vesting of a Restricted Stock Award. Following this transaction, Walker retains ownership of 141,765 shares in the company.
In other recent news, Power Integrations Inc. reported its Q4 2024 earnings, revealing an 18% increase in revenue year-over-year to $105 million, though this was below the projected $119.74 million. The company’s non-GAAP earnings per share (EPS) stood at $0.30, missing the anticipated $0.40. For the full year, revenue was $419 million, marking a 6% decrease from the previous year, attributed to challenges in the broader market. Despite these figures, Power Integrations remains optimistic about future growth, particularly through its GaN technology, which is expected to drive significant sales in 2025. CEO Balu Balakrishnan announced his retirement plans, stating he will remain until a successor is appointed. Additionally, Greg Lowe, former CEO of Wolfspeed (NYSE:WOLF), has joined the company’s board, bringing extensive experience in the semiconductor industry. Looking ahead, the company anticipates flat sequential revenue growth for Q1 2025, with GaN technology projected to contribute more than 10% of sales in the coming year.
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