Angi Inc. (NASDAQ:ANGI) Chief Technology Officer Kulesh Shanmugasundaram recently sold a total of 11,748 shares of the company's Class A Common Stock, according to a new SEC filing. The transaction, which was executed on May 1, 2024, amounted to over $25,023, with the shares being sold at an average price of $2.13.
The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information, providing a defense against claims of insider trading. The price per share for Shanmugasundaram's sale ranged from $2.10 to $2.18, reflecting a weighted average that the SEC filing detailed.
Following the sale, Shanmugasundaram still holds a significant stake in Angi Inc., with 160,506 shares remaining in his direct ownership. Investors often monitor insider transactions as they can provide insights into an executive's perspective on the company's current valuation and future prospects.
Angi Inc., known for its services in the advertising sector, has its business headquarters in New York and operates under Delaware incorporation. The company has undergone name changes in the past, previously known as ANGI Homeservices (NASDAQ:ANGI) Inc. and before that as Halo TopCo, Inc.
The reported transaction provides investors with an update on insider activity at Angi Inc., which can be a valuable piece of information when assessing the company's stock performance and making investment decisions.
InvestingPro Insights
As Angi Inc. (NASDAQ:ANGI) navigates the dynamic advertising sector, recent movements in the company's stock and financial metrics provide a clearer picture of its current market position. With a market capitalization of approximately $1.1 billion, Angi is a notable player in its industry. The company's P/E ratio stands at -26.98, reflecting market expectations of future earnings growth, despite the company not being profitable over the last twelve months.
InvestingPro data reveals that Angi's revenue for the last twelve months as of Q4 2023 was $1.358 billion, with a significant gross profit margin of 95.43%. However, this comes alongside a revenue decline of nearly 23% during the same period. The company's operating income margin was reported at -1.95%, indicating challenges in profitability despite the high gross margins.
InvestingPro Tips suggest that Angi's stock price has experienced volatility, with a large price uptick over the last six months of 35.26%, yet it has fared poorly over the last month with an 18.22% drop. Analysts predict that the company will become profitable this year, which could be a pivotal point for investors considering the stock's recent performance. Additionally, Angi's liquid assets exceed its short-term obligations, providing some financial stability in the face of its moderate level of debt.
For investors seeking a more in-depth analysis, there are 9 additional InvestingPro Tips available for Angi Inc. at https://www.investing.com/pro/ANGI. To further enrich your investment strategy, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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