Byrna Technologies Inc. (NASDAQ:BYRN) Chairman of the Board Herbert Hughes has sold a total of 8,836 shares of the company's common stock, according to a recent SEC filing. The sale, executed on May 21, 2024, fetched a weighted average price of $11.1571 per share, culminating in a transaction value close to $98,584.
The shares were offloaded in multiple transactions, with prices ranging from $10.91 to $11.49. This move comes as part of a prearranged trading plan, known as a 10b5-1 plan, which Hughes had adopted on February 21, 2024. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing them a way to gradually divest their holdings while avoiding accusations of trading on nonpublic information.
Following the sale, Hughes retains ownership of 128,589 shares of Byrna Technologies, indicating a continued vested interest in the company's success. Byrna Technologies, incorporated in Delaware and headquartered in Andover, Massachusetts, operates within the miscellaneous electrical machinery, equipment, and supplies sector.
Investors often keep an eye on insider transactions as they can provide insights into how the company's top executives view the stock's value and future prospects. However, it is important to note that such sales do not always indicate a lack of confidence in the company; they can also reflect personal financial management decisions.
Byrna Technologies has not issued any official statement regarding this transaction, and the details of the sale are available for public viewing in the SEC filing. Interested parties may request more detailed information about the transactions if needed.
InvestingPro Insights
Amidst the recent insider selling activity by Byrna Technologies Inc. (NASDAQ:BYRN) Chairman Herbert Hughes, current and potential investors might find it useful to consider some key financial metrics and analyst insights. According to InvestingPro data, Byrna Technologies holds a market capitalization of approximately $253.97 million, with a price to earnings (P/E) ratio standing at -41.39. This negative P/E ratio aligns with the company not being profitable over the last twelve months, a detail that analysts have taken into account.
However, analysts tracking Byrna Technologies highlight several positive aspects of the company. One of the notable InvestingPro Tips indicates that the company holds more cash than debt on its balance sheet, which is a sign of financial stability. Furthermore, analysts anticipate sales growth in the current year, which could be a signal of potential upside. This is substantiated by a significant quarterly revenue growth of 98% in Q1 2024. In addition, Byrna Technologies boasts impressive gross profit margins, sitting at 55.1% for the last twelve months as of Q1 2024, suggesting efficient cost management relative to its revenues.
Investors should also note that Byrna Technologies' stock has experienced considerable volatility, with a large price uptick over the last six months, where the 6 Month Price Total Return reached 108.79%. While this could represent an opportunity for high-risk tolerant investors, it also underscores the importance of due diligence and a comprehensive understanding of market dynamics.
For those seeking further insights, InvestingPro offers additional tips on Byrna Technologies, which could aid in making more informed investment decisions. For a deeper dive into Byrna Technologies' financial health and future prospects, consider taking advantage of the additional tips available on InvestingPro. Use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a wealth of financial data and expert analysis.
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