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Kenneth Langone, a director and significant shareholder of Unifi Inc . (NYSE:UFI), recently acquired a substantial amount of the company’s common stock, according to a recent SEC filing. On February 10, Langone purchased 16,097 shares at an average price of $5.55, followed by an additional 18,000 shares on February 11 at an average price of $5.43. The total value of these transactions amounted to approximately $187,078, with prices ranging from $5.43 to $5.55 per share. The purchases come as UFI trades near its 52-week low of $5.16, with the stock currently at $5.08 after experiencing a sharp 17% decline over the past week.
Following these acquisitions, Langone holds direct ownership of 2,370,000 shares. Additionally, he has indirect ownership of shares held by his wife and Invemed Associates LLC, a company where he serves as the principal equity holder and Chairman and CEO. The director’s transactions reflect continued interest in the textile manufacturer, which trades at a modest 0.39 times book value despite maintaining strong liquidity with a current ratio of 3.44. InvestingPro analysis reveals 10+ additional key insights about UFI’s valuation and financial health, helping investors make informed decisions about this insider buying activity.
In other recent news, Unifi, Inc. has announced plans to enhance operating efficiency and strengthen its balance sheet by transitioning yarn production from its Madison, North Carolina facility and putting the property on the market in 2025. This strategic move is part of the company’s consolidation efforts to maintain customer service and sales volume, while increasing the utilization rates of its remaining facilities across North and Central America. The transition aims to absorb fixed costs more effectively and support long-term profitability.
Unifi’s CEO, Eddie Ingle, has assured a smooth transition process, offering opportunities at other North Carolina facilities to existing employees. The closure aligns with Unifi’s strategy to serve its growing customer base in North and Central America more effectively. This includes relocating certain equipment to other manufacturing locations, which will not impact market demand fulfillment or the company’s focus on innovation and financial improvement.
The financial details of this strategic transition will be further discussed during Unifi’s second quarter fiscal 2025 earnings conference call. In line with Unifi’s commitment to sustainability, the sale of the Madison property and subsequent debt reduction are part of the company’s broader vision for a more sustainable future. These are among the recent developments within the company.
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