Michael Saks, Division President of Health Care Services at RCM Technologies , Inc. (NASDAQ:RCMT), a $181 million market cap healthcare staffing company trading at a P/E ratio of 11.85, has recently sold shares of the company, according to a filing with the Securities and Exchange Commission. According to InvestingPro analysis, the stock is currently trading above its Fair Value. Saks sold a total of 10,000 shares over several transactions, generating proceeds of approximately $235,006. The transactions occurred between December 2 and December 4, with sale prices ranging from $23.21 to $24.00 per share.
Following these sales, Saks retains ownership of 114,158 shares in the company. The transactions were executed directly by Saks and include shares acquired through the company's Employee Stock Purchase Plan.
In other recent news, RCM Technologies has been the subject of significant attention following its strong third-quarter performance. The company's consolidated gross profit rose by 3.2% year-over-year to $17.8 million, and adjusted EBITDA grew by 9.5% to $5.6 million. Benchmark has upgraded its price target on RCM Technologies shares from $33.00 to $37.00, maintaining a Buy rating due to the company's positive business outlook.
RCM Technologies' Healthcare sector is expected to see a 20% revenue growth in school services for the 2024-2025 school year, and the Engineering sector, particularly in Energy Services, is on track to surpass its 2024 revenue and EBITDA projections. The company has secured over 20 new school district contracts, each potentially contributing an average of $500,000. Non-school revenue is also predicted to rise significantly in Q4 2024.
Despite a 13.1% gross profit decline in the Life Sciences, Data & Solutions division, RCM Technologies is making strategic investments in technology and sales to enhance capabilities. The company anticipates sustained growth in both Healthcare and Engineering, backed by a robust pipeline of projects and clients leading into 2025. These are just a few of the recent developments at RCM Technologies.
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