Charlie Bass, a director and significant shareholder of Socket Mobile, Inc. (NASDAQ:SCKT), has purchased 5,000 shares of the company's common stock. The transaction, which took place on November 27, involved shares priced at $1.4767 each, amounting to a total purchase value of $7,383. Following this acquisition, Bass holds 1,586,651 shares directly. This move reflects continued interest and investment in the company by one of its key stakeholders. Socket Mobile is based in Fremont, California, and operates in the electronic computers industry.
In other recent news, Socket Mobile reported its Q3 financial results, indicating a mixed performance amid market challenges. The company saw a 21% year-over-year increase in revenue, reaching $3.9 million. However, it also reported an operating loss of $1 million and an EBITDA-negative of approximately $500,000. Uneven bookings distribution throughout the quarter resulted in a significant backlog entering Q4, despite positive feedback for its industrial products.
The company has raised $1 million from insiders to ensure working capital for larger customer projects and released an updated version of CaptureSDK with full support for iOS 18. Looking forward, Socket Mobile anticipates profitability in 2025, driven by investments in industrial and camera spaces. It is also transitioning into a more comprehensive hardware and software data capture company with new products and strategic initiatives expected to diversify and stabilize its revenue sources. These are recent developments, reflecting the company's strategic focus on innovation and expansion.
InvestingPro Insights
Charlie Bass's recent purchase of Socket Mobile (NASDAQ:SCKT) shares aligns with several interesting metrics and trends highlighted by InvestingPro. The company's stock has shown strong performance recently, with a 33.63% price return over the last month and a 27.97% return over the past three months. This upward momentum is further emphasized by the fact that Socket Mobile is trading near its 52-week high, with its current price at 96.77% of that peak.
Despite these positive price movements, InvestingPro data reveals that Socket Mobile is not profitable over the last twelve months, with a negative operating income of $2.53 million. The company's price-to-book ratio stands at 0.61, suggesting the stock might be undervalued relative to its book value.
InvestingPro Tips indicate that while Socket Mobile has shown strong returns recently, its RSI suggests the stock may be in overbought territory. This could be valuable information for investors considering the timing of their investments. Additionally, it's worth noting that Socket Mobile does not pay a dividend to shareholders, which may be important for income-focused investors.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for Socket Mobile, providing deeper insights into the company's financial health and market position.
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