In a recent move, Justin E. Mirro, a director at Amprius Technologies, Inc. (NYSE:AMPX), sold a significant amount of company stock, totaling over $640,000. The transactions occurred over a span of three days and involved shares sold at varying prices.
On September 3, 2024, Mirro sold 60,000 shares at an average price of $1.0009 and another batch of 75,000 shares at an average price of $0.9971. The following day, he continued to divest, selling 150,000 shares at an average price of $0.9398 and 175,000 shares at an average price of $0.9416. The sales concluded on September 5, with 110,000 shares being sold at an average price of $0.805 and an additional 140,000 shares at $0.8051.
The prices at which the shares were sold varied, with the ranges for the different batches being $0.9501 to $1.07, $0.9035 to $1.01, and $0.75 to $0.8999, as detailed in the footnotes of the SEC filing. This information indicates that the transactions were executed at different times and prices within the specified ranges.
It's worth noting that the shares sold were indirectly owned by Mirro through entities where he has a controlling interest or familial relationship. Specifically, some shares are owned by Kensington Capital Partners, LLC, where Mirro is the managing member, and others by Elizabeth Mirro, Justin Mirro's spouse, as trustee of the Kensington Capital Trust. Mirro has disclaimed beneficial ownership of these shares, except to the extent of his pecuniary interest.
Following these transactions, the remaining ownership stakes were reported to be 2,333,042 shares and 1,510,000 shares for the respective entities. Additionally, the filing includes a mention of 142,895 shares, which comprises 125,000 restricted stock units, each representing a contingent right to receive one share of Amprius Technologies' common stock upon vesting.
Investors often monitor insider transactions such as these for insights into executive sentiment regarding their company's stock. While the reasons behind Mirro's sales are not disclosed in the filing, the reported transactions provide a transparent view of the insider's trading activities.
In other recent news, Amprius Technologies announced a significant increase in its second-quarter revenue, with a 105% year-over-year jump to $3.3 million. Despite this revenue growth, the company reported a net loss of $12.5 million and a negative gross margin, primarily due to preconstruction costs for a new Colorado facility and increased operating expenses. In addition, Amprius has expressed its intent to partner with a Fortune Global 500 technology company to supply high-energy SiCore™ cylindrical cells for Light Electric Vehicles (LEVs), a market projected to reach $205.7 billion by 2032.
Changes have also occurred in the company's board of directors, with Mary Gustanski resigning and Livingston "Tony" Satterthwaite filling the vacancy. Financial services firm Oppenheimer has adjusted its price target for Amprius from $15.00 to $14.00, while maintaining an Outperform rating. These are recent developments that highlight Amprius Technologies' ongoing business activities and financial performance.
The company is also preparing for anticipated demand by securing over 125 million units of annual production capacity for its SiCore cylindrical cells through contract manufacturing partnerships. The first shipment of SiCore cylindrical cells designed for the LEV application is scheduled to be delivered within this year. These updates provide insight into Amprius's current operations and future plans.
InvestingPro Insights
Amidst the recent insider trading activities at Amprius Technologies, Inc. (NYSE:AMPX), investors seeking a deeper understanding of the company's financial health may find the following InvestingPro Insights particularly illuminating.
The market capitalization of Amprius Technologies stands at a modest $100.76 million, reflecting the scale of the company within its industry. Despite a negative price-to-earnings (P/E) ratio of -2.56, indicating that the company is not currently profitable, the significant revenue growth of 216.99% over the last twelve months as of Q2 2024 suggests a rapidly expanding top-line.
However, this growth comes with challenges. Amprius Technologies has been grappling with a gross profit margin of -153.77%, which underscores operational difficulties in translating sales into profit. The company's stock price reflects these concerns, having experienced a substantial decline over various time frames, including a 1-week total return of -18.26% and a 1-year total return of -81.18% as of the data collection date in 2024.
InvestingPro Tips for Amprius Technologies highlight that the company holds more cash than debt on its balance sheet, which could provide some financial flexibility. However, analysts have flagged concerns such as the company's rapid cash burn and the anticipation that net income is expected to drop this year. These factors are critical for investors to consider when evaluating the stock's future prospects.
For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/AMPX. These tips delve into topics such as the company's valuation, profitability expectations, and stock performance over various periods, offering a total of 18 tips that can help investors make more informed decisions.
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