In a recent transaction, Allan Martin, a major shareholder in Oxbridge Re Holdings Ltd (NASDAQ:OXBR), sold a significant number of shares in the company. The sale, which took place on August 7, 2024, involved a total of $63,225 worth of shares, with prices ranging from $3.0556 to $3.1132 per share.
The transaction was made public through a Form 4 filing with the Securities and Exchange Commission. According to the details of the filing, Martin sold 11,690 ordinary shares at an average price of $3.08, as well as 4,628 and 4,193 shares at prices of $3.1132 and $3.0556, respectively. The shares sold were held both directly by Martin and his wife, jointly, and indirectly through entities where Martin exercises voting and investment power.
Specifically, the indirectly held shares were associated with Fleur de Lis Partners, LLLP, and the Martin Family Foundation, Inc. In the case of Fleur de Lis Partners, LLLP, Martin has voting and investment power over the shares, but he disclaims beneficial ownership except to the extent of his pecuniary interest. Similarly, as one of the directors of the Martin Family Foundation, Inc., he has shared voting and investment power over the shares held by the foundation.
Following these transactions, Martin's direct holdings in Oxbridge Re Holdings decreased, but he still maintains a significant number of shares both directly and indirectly through various entities. The sale represents a notable change in Martin's stake in the company, and it is a transaction that investors and market watchers will likely follow with interest.
In other recent news, Oxbridge Re Holdings Limited reported a net loss of $905,000 in the first quarter of 2024, contrasting with the previous year's net income of $142,000. Despite this, the company is actively transitioning towards the Web3 space. Strategic initiatives include the acquisition of Jet.AI Inc., the establishment of SurancePlus Inc., and a partnership with digital asset firm Zoniqx. The latter collaboration aims to enhance the tokenization and management of reinsurance contracts.
Oxbridge Re's subsidiary, SurancePlus, recently completed a private placement of its EpsilonCat Re tokens, raising approximately $2.88 million. These tokens, issued on the Avalanche blockchain, target a 42% return for investors. The company's annual meeting of shareholders led to the reappointment of five board members and the ratification of Hacker, Johnson & Smith, P.A. as the independent auditor for the fiscal year ending December 31, 2024.
Moreover, Oxbridge Re secured $47 million in funding, led by Blackrock (NYSE:BLK), for tokenization of real-world assets. The company is optimistic about the growth of this sector, with market predictions suggesting a potential reach of $16 trillion by 2030. These recent developments highlight Oxbridge Re's ongoing efforts to integrate traditional finance with blockchain technology and provide investors with alternative investment avenues.
InvestingPro Insights
Amidst the news of Allan Martin's recent sale of shares in Oxbridge Re Holdings Ltd (NASDAQ:OXBR), it's valuable to look at the company's performance and financial health through the lens of InvestingPro data and tips. Oxbridge Re Holdings has demonstrated a noteworthy performance with a strong return over the last year, which aligns with the 53.11% one-year price total return. This may have influenced Martin's decision to capitalize on the value of his shares.
While the company has not been profitable over the last twelve months, its liquid assets still exceed short-term obligations, suggesting a degree of financial stability in the near term. This is an essential factor for investors to consider when looking at the potential for the company's recovery and growth. Moreover, Oxbridge Re Holdings has seen a large price uptick over the last six months, with a 171.03% six-month price total return, further highlighting the volatility and potential for gains in its stock price.
From a valuation standpoint, Oxbridge Re Holdings presents some challenges. The company's adjusted P/E ratio as of Q1 2024 stands at -1.49, reflecting its lack of profitability. Additionally, the InvestingPro Fair Value estimate for OXBR is 1.45 USD, which is below the previous close price of 2.71 USD, suggesting that the stock might be overvalued at its current price.
Investors interested in Oxbridge Re Holdings Ltd can find additional insights and metrics on InvestingPro, where there are 8 more InvestingPro Tips available to help assess the company's prospects.
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