CORAL GABLES, Fla.—William O'Dowd IV, the Chief Executive Officer of Dolphin Entertainment , Inc. (NASDAQ:DLPN), has increased his stake in the company by purchasing 13,000 shares of common stock. The shares were acquired at a weighted average price of $1.09 per share, totaling approximately $14,170. The purchase comes as the company demonstrates strong operational metrics, with impressive gross profit margins of 94% and revenue growth of 22% over the last twelve months.
The transaction, which took place on December 17, 2024, boosts O'Dowd's direct ownership to 147,493 shares. Additionally, O'Dowd holds indirect ownership through Dolphin Entertainment, LLC and Dolphin Digital Media Holdings, LLC, with 56,033 and 62,105 shares respectively. These entities are wholly owned by O'Dowd, further consolidating his position and influence within the company. According to InvestingPro, which offers comprehensive analysis of over 1,400 US stocks, the company currently has a market capitalization of $12.61 million.
This recent acquisition reflects O'Dowd's continued confidence in the future prospects of Dolphin Entertainment, a company known for its diverse portfolio in the entertainment industry. Investors and market observers will be keen to see how this move impacts the company's strategic direction and market performance, particularly given that InvestingPro analysis indicates the stock is currently trading below its Fair Value despite significant price volatility in recent months.
In other recent news, Dolphin Entertainment has reported strong Q3 results, including a 24.5% increase in revenue to $12.7 million. The company also marked a significant improvement in adjusted operating income, turning a previous loss into a $492,000 gain. This positive performance contributes to a year-to-date revenue boost of 26.6%, totaling $39.4 million. Dolphin Entertainment is now on track to surpass the $50 million revenue mark for the full year while achieving positive adjusted operating income.
Despite these achievements, the company did report a net loss of $8.7 million for Q3 2024. However, recent developments such as the acquisition of Elle Communications and multiple Grammy nominations for Shore Fire Media, as well as the launch of Rachael Ray’s Staple Gin, have bolstered the company's financial standing.
CEO Bill O'Dowd has expressed confidence in the company's future, planning to increase his stake in Dolphin Entertainment. The company anticipates continued growth with a strong Q4 performance expected and is set to launch a new shareholder rewards program in January 2025. These recent developments suggest Dolphin Entertainment is poised for a successful Q4 and future growth.
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