authID Inc. (NASDAQ:AUID) Chief Technology Officer, Thomas Szoke, recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Szoke sold a total of 1,100 shares of common stock over two days. The transactions, which took place on November 20 and 21, were executed at prices ranging from $6.55 to $6.75 per share, resulting in a total sale value of $7,225.
Following these transactions, Szoke retains direct ownership of 20,019 shares. Additionally, Szoke indirectly holds 12,500 shares through his wife, Ginta Ozola-Szoke. The filing also noted Szoke's significant stock options, which include holdings with varying exercise prices and expiration dates.
In other recent news, authID reported a substantial increase in its third-quarter revenue, which soared to $249,000, a stark contrast to the $43,000 in the same period last year. Despite this, the company has adjusted its full-year revenue guidance to between $800,000 and $900,000 due to delays in customer Go-Live dates. Among other developments, authID secured significant contracts, including a $10 million deal in India and a global retail technology firm contract. The use of the Proof product saw a remarkable 25x growth, processing nearly 800,000 Proofs in Q3. The company also reported a net loss improvement for Q3 to $3.4 million from $3.7 million year-over-year. Looking forward, authID expects its Remaining Performance Obligation (RPO) to grow to $13 million - $14 million by year-end. These are some of the recent developments surrounding the company.
InvestingPro Insights
As Thomas Szoke reduces his direct stake in authID Inc. (NASDAQ:AUID), investors may find additional context in the company's financial metrics and market performance. According to InvestingPro data, AUID's market capitalization stands at $71.86 million, reflecting its current position in the market.
An InvestingPro Tip highlights that AUID holds more cash than debt on its balance sheet, which could be seen as a positive sign for the company's financial health, especially in light of the recent insider sale. This liquidity position may provide the company with flexibility for future operations or investments.
Another relevant InvestingPro Tip notes that AUID's stock price movements are quite volatile. This volatility is evident in the company's recent price performance, with a 1-month price total return of -13.57% and a year-to-date return of -30.66%. These figures suggest that investors should be prepared for significant price fluctuations when considering AUID stock.
It's worth noting that InvestingPro offers 7 additional tips for AUID, providing a more comprehensive analysis for those seeking deeper insights into the company's prospects and challenges.
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