Galai Yaron, Co-Founder and Board Chair of Outbrain Inc. (NASDAQ:OB), recently sold shares of the company in transactions dated December 3 and December 4. The sales totaled 50,000 shares, with a cumulative value of approximately $298,244. The shares were sold at a weighted average price ranging from $5.9593 to $5.9744. The timing is notable as Outbrain's stock has shown remarkable strength, posting a 56% gain over the past year and currently trading near its 52-week high. Following these transactions, Yaron holds 3,510,669 shares directly. These sales were conducted under a pre-established Rule 10b5-1 trading plan adopted on November 14, 2023. According to InvestingPro analysis, Outbrain maintains a "GOOD" overall financial health score, with strong liquidity ratios and a solid balance sheet showing more cash than debt. InvestingPro subscribers have access to 20 additional key insights and a comprehensive Pro Research Report for deeper analysis of Outbrain's financial position.
In other recent news, Outbrain Inc. is making significant strides towards acquiring Teads, a global media platform. This move is seen as a substantial expansion of Outbrain's operations. The acquisition, which is still subject to international regulatory approvals, is expected to enhance Outbrain's product offerings and drive growth.
In terms of financial performance, Outbrain's Q3 2024 results aligned with expectations, with adjusted EBITDA notably better than anticipated. This positive trend is attributed to successful efforts in optimizing the company's cost structure. The company anticipates Q3 ex-TAC gross profit to range between $58 million to $62 million and adjusted EBITDA to fall between $8 million to $10.5 million.
Citi recently adjusted its outlook on Outbrain, reducing the price target to $5.30 but maintaining a Neutral rating on the stock. This adjustment followed Outbrain's third-quarter results. Despite a weaker than expected forecast for fourth-quarter ex-TAC, Outbrain maintains its full-year 2024 guidance and increases adjusted EBITDA guidance to $31.5 million to $36 million.
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