Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) has reported that a significant stock transaction took place involving a key shareholder. On May 17 and May 21, 2024, a substantial number of shares were sold by Zhang Juguang, a major shareholder of the company.
The sales totaled over $1.2 million, with shares sold at varying prices. On May 17, 500 shares of Class A Common Stock were sold at $9.53 per share. A more significant transaction occurred on May 21, when Zhang Juguang sold 1,271,829 shares at a weighted average price of $0.96, within a price range of $0.87 to $1.15 as indicated by the weighted average footnote in the report.
Following these transactions, it was reported that Zhang Juguang no longer holds any shares in the company. These sales have been publicly disclosed in accordance with SEC regulations, and the details of the transactions, including the number of shares sold at each price point within the range, are available upon request.
Investors often monitor the buying and selling activities of company insiders and major shareholders as it can provide insight into their perspective on the company's current valuation and future prospects. The sale of such a significant amount of stock by a major shareholder may be of particular interest to current and potential investors of Cheetah Net Supply Chain Service Inc.
InvestingPro Insights
In light of the recent major stock transactions by a key shareholder of Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT), it's important to consider the broader financial context in which these sales occurred. InvestingPro Tips suggest that the stock has taken a big hit over the last week, which aligns with the substantial sales reported. Additionally, analysts anticipate a sales decline in the current year, potentially influencing the decision to sell shares.
InvestingPro Data reinforces this perspective, showing a stark 1 Week Price Total Return of -12.46%, indicating a significant drop in the company's stock price in a short period. Moreover, the Price % of 52 Week High is at a mere 4.93%, suggesting the shares are trading near their lowest point over the past year. With a Market Cap (Adjusted) of 25.05M USD and a negative Revenue Growth of -43.65% over the last twelve months as of Q1 2024, the financials underscore the challenges facing the company.
For investors seeking a deeper dive into CTNT's financials and future prospects, there are additional InvestingPro Tips available that can offer more nuanced insights into the company's performance and potential strategies moving forward. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of expert analysis and data that could be crucial for making informed investment decisions. Visit https://www.investing.com/pro/CTNT to explore further, and learn about the 14 additional tips listed in InvestingPro that may help in assessing the company's outlook.
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