Phunware, Inc. (NASDAQ:PHUN) Chief Executive Officer Michael Snavely engaged in recent stock transactions, according to a new SEC filing. On March 14, the CEO purchased 2,500 shares of the company's common stock at an average price of $9.04 per share, totaling approximately $22,599. The following day, Snavely sold 2,810 shares at a weighted average price between $9.77 and $10.03, resulting in a total sale value of around $27,790.
The transactions come after Phunware's recent one-for-fifty reverse stock split of its common stock, an adjustment that is reflected in the reported securities on the Form 4 filing. The sale of shares by Snavely was part of a tax withholding obligation under the terms of Phunware's 2023B Inducement Plan.
Phunware, a company specializing in computer processing and data preparation, has seen its executives actively managing their stock holdings. Snavely's recent activities show a balance of acquiring and disposing of shares within a close timeframe. Following the transactions, the CEO holds a direct ownership of 23,143 shares in the company.
Investors often monitor insider buying and selling as it can provide insights into an executive's confidence in the company's prospects or to fulfill personal financial planning objectives. The latest moves by Phunware's CEO are part of the ongoing financial disclosures required by the SEC for insider transactions.
InvestingPro Insights
As Phunware, Inc. navigates through its financial and operational challenges, key metrics from InvestingPro provide a deeper understanding of the company's current market position. With a market capitalization of $83.36 million, Phunware's valuation reflects its standing in the industry. The company's significant revenue decline over the last twelve months, with a drop of 77.83%, raises questions about its growth trajectory. Additionally, the company's gross profit margin stands at 34.89%, which offers some insight into its cost management and pricing strategies.
InvestingPro Tips highlight several critical aspects for investors to consider. Phunware is noted for its high price volatility, which may attract traders looking for short-term opportunities but also suggests a higher risk profile for long-term investors. The company's stock has experienced a substantial decline over the last month and year, with a one-month price total return of -30.92% and a one-year price total return of -71.84%. This performance may influence investor sentiment and decision-making.
For investors seeking additional insights and detailed analysis on Phunware, InvestingPro offers a range of tips, including observations on the company's cash burn and short-term obligations. With a total of 17 InvestingPro Tips available, users can gain a comprehensive understanding of the company's financial health and market performance. For access to these valuable tips, visit InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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