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Michael Mente, Co-CEO of Revolve Group , Inc. (NYSE:RVLV), recently executed a series of stock transactions, selling shares worth approximately $5.36 million. These transactions, conducted by MMMK Development, Inc., took place over several days at prices ranging from $30.36 to $32.08 per share. The sales occurred as RVLV shares have shown remarkable strength, delivering a 100% return over the past year, according to InvestingPro data.
On January 27, Mente sold 40,036 shares at an average price of $30.86, followed by 4,926 shares at $31.50. The following day, January 28, he sold 50,066 shares at $30.71 and 12,969 shares at $31.29. On January 29, Mente sold 60,452 shares at $30.36, 5,581 shares at $31.66, and 380 shares at $32.08. These transactions left him with no shares directly owned through MMMK Development, Inc. The sales were executed near the middle of Revolve’s 52-week range of $14.04 to $39.58, with the company currently valued at $2.13 billion.
The sales were part of a pre-established trading plan under Rule 10b5-1, adopted on August 15, 2024. Mente’s transactions involved the conversion of Class B common stock into Class A shares, reflecting a strategic move within the company’s executive management. Notably, InvestingPro analysis indicates the stock has experienced significant price volatility, with investors gaining access to 13 additional ProTips and comprehensive valuation metrics through the platform’s detailed research reports.
In other recent news, Revolve Group has been the subject of multiple analyst notes, with KeyBanc Capital Markets upgrading the company’s stock rating from Sector Weight to Overweight and setting a price target of $37.00. This upgrade reflects confidence in the company’s growth trajectory, with a return to top-line growth and EBITDA margin expansion. Stifel also maintained a Buy rating on the company’s shares, with a price target of $41, and increased its revenue estimate for Revolve to $286.1 million.
Revolve Group’s third-quarter results showed a solid performance, with net sales of $283 million, marking a 10% year-over-year increase. Net income also saw a significant rise, reaching $11 million, up from $3 million in the same quarter of the previous year. Adjusted EBITDA grew by 85% to hit $18 million.
Despite higher than desired inventory levels, alignment with sales growth is expected by the fourth quarter. The company has also been investing in AI technology and international expansion, contributing to its positive outlook. Plans are also in place to open a Revolve Holiday Shop and a flagship store by mid-2025. These are some of the recent developments from Revolve Group.
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