Estia J. Eichten, a director at Vicor Corp (NASDAQ:VICR), recently sold 8,000 shares of the company's common stock. The transaction, which took place on December 2, 2024, was executed at an average price of $55.51 per share, amounting to a total sale value of $444,084. Following this sale, Eichten retains ownership of 230,267 shares in the company. The sale comes amid a strong performance period for Vicor, which has seen its stock surge over 64% in the past six months. According to InvestingPro data, the company maintains impressive gross profit margins of 50.9% and a healthy current ratio of 6.41. The transaction was disclosed in a filing with the Securities and Exchange Commission. InvestingPro subscribers can access 17 additional investment tips and comprehensive analysis for Vicor, including detailed valuation metrics and financial health indicators.
In other recent news, Vicor Corporation reported mixed results for the third quarter of 2024. The firm experienced an 8.5% sequential increase in revenue, reaching $93.2 million, but this represented a 13.6% decrease from the same period in 2023. The company's gross profit margin was 49.1%, and net income stood at $11.6 million, with diluted earnings per share of $0.26. Despite the mixed financial performance, Vicor is optimistic about its strategic focus on advanced technology markets, including AI and automotive sectors, and its ongoing legal efforts to protect its intellectual property.
Vicor's cash flow for the third quarter was $22.6 million, with cash and cash equivalents reaching $267.6 million. However, the company's book-to-bill ratio fell below one, with a backlog of $150.6 million. The launch of its Gen 5 chipset was delayed due to a PCB issue, but initial shipments are expected to begin soon.
Vicor is actively enforcing its intellectual property rights and expects legal actions to continue. An ITC (NS:ITC) judge has issued an initial determination, with a final determination expected by February 3, 2024. Amid these recent developments, the company is targeting strategic opportunities in AI and automotive sectors, with a revenue goal of $1 billion and a focus on achieving 65% gross margins.
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