Socket mobile director William Parnell buys $17,197 in stock

Published 01/05/2025, 23:58
Socket mobile director William Parnell buys $17,197 in stock

William L. Parnell Jr., a director at Socket Mobile , Inc. (NASDAQ:SCKT), recently acquired 13,625 shares of the company’s common stock. The purchase, executed on May 1, 2025, was made at a weighted average price of $1.2622 per share, totaling approximately $17,197. The transaction comes as Socket Mobile, a $10.17 million market cap company, trades at $1.28 per share. According to InvestingPro analysis, the stock appears undervalued, trading at just 0.55 times book value. This transaction was conducted during a permitted trading window in accordance with the company’s insider trading policy. Following this acquisition, Parnell’s direct ownership in the company stands at 67,358 shares. While the company maintains a healthy gross profit margin of 50.39%, InvestingPro data reveals a WEAK overall financial health score, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.

In other recent news, Socket Mobile Inc. reported a 20% decline in revenue for the first quarter of 2025, totaling $4 million. The company posted a diluted loss per share of $0.13, which met analyst expectations. Despite the challenging quarter, Socket Mobile is optimistic about achieving positive EBITDA in the second quarter and aims for profitable operations in the latter half of the year. The company has launched new products targeting the $27 billion handheld computing market, including the ExtremeScan IXG and IXS series for iOS. Socket Mobile is focusing on expanding its presence in the industrial scanning market, with notable interest from sectors such as warehousing, logistics, and construction. The company has also received purchase orders for a long-term rollout from a Fortune 50 tier one industrial customer. Operating expenses were reduced to $2.9 million, and the company ended the quarter with a cash balance of $1.7 million. These developments reflect Socket Mobile’s strategic shift towards becoming a more comprehensive data capture company.

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