William A. Heyburn, the Chief Financial Officer of Blade Air Mobility, Inc. (NASDAQ:BLDE), recently sold 23,815 shares of the company's Class A common stock. The company, which according to InvestingPro data has shown impressive momentum with a 12.6% gain in the past week and maintains a healthy financial position with a current ratio of 6.32, continues to attract analyst attention. The shares were sold at a weighted average price of $5.0232, resulting in a total transaction value of $119,627. Following this sale, Heyburn retains ownership of 1,376,111 shares in the company.
The transaction, executed on November 29, 2024, was carried out under a Rule 10b5-1 trading plan that Heyburn adopted on December 14, 2023. The shares were sold in multiple transactions, with prices ranging from $5.00 to $5.09, near the stock's 52-week high of $5.17. Analysts maintain a strong bullish stance on the stock, with price targets ranging from $5.00 to $13.50.
In other recent news, Blade Air Mobility reported a strong financial performance for Q3 2024, with a 27.3% year-over-year increase in flight profit and an adjusted EBITDA of $4.2 million, up from $0.8 million in the prior year. Despite a sequential decline in medical revenue, Blade is optimistic about a rebound in Q4 and forecasts double-digit growth for 2025. The company's strategic moves, such as exiting unprofitable markets and forming a partnership with OrganOx, have positioned it well for future growth. It is also noteworthy that Blade ended Q3 with no debt and $136 million in cash. Looking ahead, Blade anticipates revenue between $240 million and $250 million for 2024, with positive adjusted EBITDA and a sequential growth in medical revenue in Q4. For 2025, Blade projects double-digit growth in medical revenue and adjusted EBITDA margins of approximately 15%. These recent developments underscore Blade's ability to navigate market challenges and capitalize on growth opportunities.
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