ENGLEWOOD, CO—Brian J. Wendling, Chief Accounting Officer and Principal Financial (NASDAQ:PFG) Officer of Qurate Retail, Inc. (NASDAQ:QRTEA), recently sold 4,500 shares of the company's 8% Series A Cumulative Redeemable Preferred Stock. The sale comes as the company, currently valued at $132 million, trades near its 52-week low of $0.34, with the stock down over 60% year-to-date according to InvestingPro data. The transaction, which took place on December 17, 2024, amounted to a total value of $165,128.
The shares were sold at a weighted average price of $36.6953, with individual transactions ranging from $36.51 to $36.90. Following this sale, Wendling no longer holds any shares of this particular stock.
The transaction was executed directly by Wendling, as noted in the filing.
In other recent news, Qurate Retail, Inc. has been granted a 180-day extension by the Nasdaq Stock Market to meet the minimum bid price requirement and maintain its listing. The extension allows Qurate Retail until June 9, 2025, to raise its Series A common stock's bid price to at least $1.00 for a minimum of 10 consecutive business days. The company is considering all available options to resolve the deficiency, including a potential reverse stock split.
Furthermore, Qurate Retail's recent earnings call revealed a challenging third quarter in 2024, with a decline in revenue and customer count, despite a 19% increase in Adjusted OIBDA. The company also reported a nearly $400 million increase in free cash flow from December 2022 to September 2024, indicating a focus on cost efficiencies.
In addition, Citi has adjusted its price target on Qurate Retail Group (NASDAQ:QRTEA), reducing it to $0.50 from the previous target of $0.64, while maintaining a Neutral rating on the stock. This revision follows the company's financial performance, which did not meet Citi's expectations. The lowered price target reflects a new valuation model that takes into account the potential future of Qurate Retail Group.
These are recent developments in the company's ongoing efforts to improve its financial health and performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.