Gary S. Winemaster, a significant shareholder of Power Solutions International, Inc. (OTC:PSIX), has sold a portion of his holdings in the company, according to recent filings. Winemaster completed the sale of company stock valued at over $225,000.
The transactions, which took place on September 24 and September 25, involved a total of 11,276 shares of Power Solutions International's common stock. On the first day, Winemaster sold 7,370 shares at a weighted average price of $20.0317, with individual sales prices ranging from $20.0043 to $20.165. The following day saw a sale of 3,906 shares at a weighted average price of $20.0206, with prices varying between $20.0167 and $20.0208.
Following these transactions, Winemaster's direct holdings in the company stand at 3,136,294 shares. Additionally, there is an indirect ownership of 681 shares held by his spouse. The sales represent a divestiture of Winemaster's interest in the company, though he remains a major shareholder.
Investors often monitor such filings for insights into the behavior of company insiders, as these transactions can provide valuable context for the stock's performance and potential future direction. Power Solutions International, a leader in the engines and turbines industry, has not provided a comment on these transactions.
In other recent news, Power Solutions has been the focus of a significant price target increase from Craig-Hallum, following the company's strong second-quarter performance. The target was raised from $10.00 to $22.00, while the Buy rating was maintained. Despite a slight miss on revenue expectations, Power Solutions delivered a record gross margin, leading to a substantial beat in adjusted EBITDA and EPS.
The company continues to forecast a year-over-year revenue growth of around 3%, notwithstanding some softness in its Industrial sectors and an expected decline in Transportation volumes. The second quarter emphasized Power Solutions' commitment to profitability, highlighted by an optimized cost structure, a shift away from unprofitable businesses, and further debt repayment.
Significant accomplishments were also noted in the Power Systems division, particularly initial successes in data center applications. These are recent developments that underscore the company's dedication to enhancing shareholder value. Craig-Hallum's analysis also indicates a potential for a higher share price, with an ongoing focus on possibly uplisting the shares to a larger exchange.
InvestingPro Insights
As investors digest the news of Gary S. Winemaster's recent sale of Power Solutions International (PSIX) shares, it's worth considering the company's current financial standing. According to InvestingPro data, Power Solutions International has a market capitalization of $446.72 million, with a P/E ratio of 9.99, which suggests that the stock is trading at a low price relative to its earnings. Additionally, the company's P/E ratio for the last twelve months as of Q2 2024 stands at 11.13.
An InvestingPro Tip indicates that Power Solutions International's net income is expected to grow this year, which may be a contributing factor to the company's significant return of 497.95% over the last year. Moreover, the company has experienced an impressive price total return of 693.2% over the last six months, highlighting a strong performance in the recent term.
Investors looking for more insights will find them on InvestingPro, where there are additional tips available, including details on the company's high shareholder yield and its trading status at a high Price/Book multiple of 18.47, as of the last twelve months ending Q2 2024. For those interested in a deeper dive into Power Solutions International's stock behavior and financial metrics, InvestingPro offers a total of 14 tips to help investors make more informed decisions.
While insider transactions like Winemaster's can offer some insight into a company's prospects, the broader financial data and expert analysis provided by InvestingPro can offer a more comprehensive view. For further details and tips on Power Solutions International, visit https://www.investing.com/pro/PSIX.
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