Sonendo, Inc. (NYSE:SONX) director Olav Bergheim has recently increased his stake in the company with a new stock purchase. On May 16, 2024, Bergheim acquired 520,000 shares of Sonendo common stock at a weighted average price of $0.0952 per share, amounting to a total investment of approximately $49,504.
The transaction took place in multiple trades within a price range of $0.0900 to $0.0960 per share. Following this purchase, Bergheim's total holdings in Sonendo amount to 1,941,373 shares. The shares are held indirectly by Fjordinvest LLC, a firm where Bergheim serves as the managing member and manager, and exercises voting and dispositive power over the shares. While Bergheim disclaims beneficial ownership of these shares, he acknowledges his pecuniary interest in them.
This move by a member of Sonendo's board signifies a bolstering of his position in the dental equipment and supplies company, which is incorporated in Delaware and headquartered in Laguna Hills, California. Investors often track insider transactions such as these for insights into the confidence levels that company executives and directors have in the firm's prospects.
The details of the transaction were disclosed in a Form 4 filing with the Securities and Exchange Commission, which is a requirement for insiders to report their trades in the company's securities. Sonendo's stock trades on the NYSE under the ticker SONX, and the company has a history dating back to its former name, Dentatek Corp, which it changed in 2007.
InvestingPro Insights
As Sonendo, Inc. (NYSE:SONX) sees insider activity with director Olav Bergheim increasing his stake, the company's financial health and market performance metrics provide additional context for investors. According to recent data from InvestingPro, Sonendo holds a market capitalization of 7.05 million USD, reflecting its size and market value within the industry. Despite a challenging financial landscape, as indicated by a negative P/E ratio of -0.15, the company's director has shown a vote of confidence through his recent stock acquisition.
InvestingPro Tips highlight some key aspects of Sonendo's current financial position. The company notably holds more cash than debt on its balance sheet, which could provide some financial flexibility in the short term. However, analysts are anticipating a sales decline in the current year, and do not expect the company to be profitable this year. These insights suggest that while Sonendo's balance sheet may offer some stability, its profitability and revenue growth remain areas of concern.
From a market performance perspective, Sonendo's stock has experienced significant volatility. Over the last week, the stock has seen a significant return of 10.86%, yet the longer-term picture shows a price decline of 91.3% over the past year. Such metrics underscore the stock's recent rebound while also highlighting the broader downward trend it has faced.
For investors seeking a more comprehensive analysis of Sonendo's financial health and market performance, InvestingPro offers additional tips, with the full list available at https://www.investing.com/pro/SONX. To access these insights and enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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