In a recent transaction, Stephen Jeffrey Garchik, a major shareholder of authID Inc. (NASDAQ:AUID), has bolstered his position in the company by purchasing $80,745 worth of stock. The transaction, which took place on April 12, 2024, involved the acquisition of 10,500 shares at an average price of $7.69 per share. This purchase is a clear demonstration of Garchik's ongoing commitment to the company.
The buying price for these shares ranged from $7.6297 to $7.95, according to details provided in the footnotes of the filing. This range indicates that the shares were bought at varying prices throughout the trading day, suggesting that Garchik took advantage of market fluctuations to increase his stake in authID Inc.
Following the transaction, Garchik now directly owns a total of 1,151,096 shares of common stock in authID Inc. Additionally, he has indirect ownership through various trusts and partnerships. Specifically, the Garchik Irrevocable 2019 Trust holds 20,834 shares, the Marla Garchik Irrevocable 2020 Trust owns 147,627 shares, and the Garchik Universal Limited Partnership possesses 1,458 shares. It should be noted that Garchik disclaims beneficial ownership of any securities reported herein in excess of his actual pecuniary interest.
This latest purchase by a prominent insider of authID Inc. may be of interest to investors who track insider trading activities as an indicator of confidence in the company's future prospects. The transaction has been publicly disclosed in accordance with SEC regulations, providing transparency into the trading activities of the company's major shareholders.
InvestingPro Insights
Stephen Jeffrey Garchik's recent acquisition of additional shares in authID Inc. (NASDAQ:AUID) aligns with some intriguing financial metrics and market insights. With a market capitalization of $73.33 million, authID Inc. is navigating the market as a niche player in its industry. Despite a challenging revenue environment, as indicated by a significant decline in revenue growth over the last twelve months, the company's stock price has experienced a high return over the past year, increasing by 145.07%. This volatility and performance may attract investors looking for growth potential in the %INDUSTRY% sector.
InvestingPro Tips suggest that authID Inc. holds more cash than debt, a reassuring sign for investors concerned about the company's financial stability. Additionally, authID's liquid assets exceed short-term obligations, indicating the company's ability to cover immediate liabilities. However, it's worth noting that the company has not been profitable over the last twelve months and does not pay a dividend to shareholders, which may be considerations for income-focused investors.
From a valuation perspective, authID Inc. is currently trading at a high revenue valuation multiple. The company's Price / Book ratio as of the last twelve months ending Q4 2023 stands at 5.56, which could suggest a premium market valuation compared to its book value. For investors seeking a deeper analysis, InvestingPro offers additional tips on authID Inc., which can be accessed with a special offer: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 7 additional InvestingPro Tips available that could further inform investment decisions regarding authID Inc.
InvestingPro Data also reveals that the company's Price, Previous Close was $7.5 USD, which is 58.73% of its 52-week high, reflecting a significant rebound from its lows. This data point, combined with the recent insider buying activity, may signal to some investors that the company's shares have potential for growth or are currently undervalued. The average daily volume over the past three months has been 0.02 million USD, indicating a moderate level of trading activity in the stock.
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