In recent trading activity, Joseph Patrick Daly, a director and ten percent owner at Butler National Corp (OTC:BUKS), has purchased a significant number of shares in the company. Daly acquired a total of 50,000 shares of common stock at a price of $1.3 per share, resulting in a total investment of $65,000.
This transaction took place over two consecutive days, with Daly buying 43,147 shares on September 18 and an additional 6,853 shares on September 19. Following these purchases, Daly's direct ownership in Butler National Corp has increased to a total of 4,025,000 shares.
The recent acquisitions by Daly demonstrate a notable confidence in the company's future, as directors are often considered to have a deeper insight into a company's prospects. Shareholders and potential investors may find this activity to be a positive signal regarding Butler National Corp's current valuation and long-term growth potential.
Investors typically monitor insider buying as it can provide insights into the company's performance and management's expectations. While the motives behind Daly's purchase are not publicly known, such transactions are often seen as a sign of strong belief in the company's value and strategic direction.
Butler National Corp, known for its services in the miscellaneous amusement and recreation sector, has a history that dates back to its former name, National Connector Corp. The company's business address is located in New Century, Kansas, and it is incorporated in Delaware.
In other recent news, Butler National Corporation has announced an important addition to its Board of Directors - retired Lieutenant General Michael Loh. This change comes following the voluntary departure of Aric Peters from the board. Lt. Gen. Loh, a veteran with over 40 years of service, brings a wealth of experience, including his former role as the Director of the U.S. Air National Guard where he managed a $14 billion budget. His military career also boasts multiple deployments and over 125 combat flight hours. Christopher Reedy, President and CEO of Butler National, and Aric Peters, VP and Director of Sales, have both expressed enthusiasm for this appointment, citing potential expansion in sales opportunities and valuable assets for the company's growth, especially in the aviation sector. These are recent developments that could influence the future trajectory of Butler National Corporation.
InvestingPro Insights
Butler National Corp (OTC:BUKS) has been displaying a strong performance in the market, with notable insider buying activity that underscores the confidence of its directors in the company's future. InvestingPro data reveals that the company is currently trading at a low earnings multiple with a P/E ratio of 5.41, highlighting its attractive valuation in comparison to earnings. Moreover, Butler National Corp has experienced a significant return over the last week, with a price total return of 18.18%, reflecting a positive short-term investor sentiment.
An InvestingPro Tip suggests that the stock is in overbought territory, which can be an indicator of strong investor interest and potentially a precursor to price stabilization or correction. Additionally, Butler National Corp operates with a moderate level of debt, which may provide it with a stable financial base to support its growth initiatives. For investors looking for more detailed analysis and additional InvestingPro Tips, there are 13 more tips available, which can be accessed through the company's specific InvestingPro page.
With a market capitalization of $88.75 million and a solid gross profit margin of 44.99% over the last twelve months as of Q1 2023, Butler National Corp appears to be in a strong financial position. The company's liquid assets also exceed its short-term obligations, which suggests financial resilience and the ability to meet immediate liabilities. This data, coupled with the recent insider purchases, may offer investors a promising outlook for Butler National Corp's stock.
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