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Michael P. Nieri, the Executive Chairman of United Homes Group, Inc. (NASDAQ:UHG), has recently acquired a significant amount of the company's stock. According to a recent SEC filing, Nieri purchased a total of 900,000 shares of Class A Common Stock on December 11, 2024. The shares were acquired at a price of $5 per share, amounting to a total transaction value of $4.5 million. This purchase comes as the stock has declined nearly 38% over the past six months, with the current trading price at $4.46. According to InvestingPro analysis, UHG appears undervalued at current levels.
This transaction was split into two parts: 400,000 shares were acquired directly, which includes 621,328 shares held in a joint account with his spouse, and 500,000 shares were acquired indirectly through his spouse. Following these transactions, Nieri's direct ownership now stands at 1,021,328 shares. The company, with a market capitalization of $214 million, maintains a healthy current ratio of 2.25, indicating strong short-term liquidity. Track insider transactions and access 10+ additional key insights with InvestingPro.
In other recent news, United Homes Group has seen significant developments. The company announced the resignation of board member Robert Grove, who represented Conversant Opportunity (SO:FTCE11B) Master Fund, LP. His departure aligns with a redemption agreement involving the company and several noteholders. The board size has been reduced from nine to eight members following Grove's departure.
In financial news, United Homes Group revealed the pricing for its secondary public offering of shares, with 7,420,057 shares of Class A common stock priced at $5.00 each. Key figures, including the Executive Chairman and Interim CEO, along with affiliates of Kennedy Lewis (JO:LEWJ) Agency Partners, LLC, are participating in the purchase of these shares.
The company also announced plans to redeem convertible notes payable, offering cash and shares of Class A common stock in exchange. To facilitate this, United Homes Group is entering into a $70 million subordinated loan agreement with Great Southern Homes, Inc., with Kennedy Lewis acting as the administrative agent.
Lastly, the company recorded a revenue growth of 6.19% over the last twelve months, generating $445.7 million in revenue, despite facing profitability challenges with negative earnings in the same period. BTIG is serving as the sole book-running manager for the offering.
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