In a recent transaction, Stephen Garchik, a significant investor in authID Inc. (NASDAQ:AUID), a leader in prepackaged software services, has increased his stake in the company. On April 23, 2024, Garchik purchased 12,000 shares of common stock at an average price of $6.85 per share, totaling $82,200. This latest acquisition brings his total direct holdings in authID Inc. to 1,163,096 shares.
The transaction, which was executed on the open market, involved shares purchased at prices ranging from $6.75 to $7.07. The weighted average purchase price was disclosed as $6.85, with Garchik committing to provide full information regarding the number of shares bought at each separate price upon request.
Stephen Garchik, who is identified as a ten-percent owner of the company, has a history of holding significant interests in authID Inc. He also has indirect holdings through entities where he has a beneficial interest or control, such as the Garchik Irrevocable 2019 Trust and the Garchik Universal Limited Partnership, as well as being a beneficiary of the Marla Garchik Irrevocable 2020 Trust.
The purchase by Garchik represents a substantial investment in the company and reflects his ongoing commitment to authID Inc. Investors often monitor such transactions by major shareholders as they may provide insights into their confidence in the company's future performance.
InvestingPro Insights
As Stephen Garchik increases his position in authID Inc., investors are taking note of the company's financial health and market performance. According to InvestingPro data, authID Inc. holds a market capitalization of 69.84 million USD, signaling a relatively small but significant player in the prepackaged software services industry. The company's stock has seen a substantial 146.2% return over the last year, which may partly explain Garchik's confidence and continued investment in the company. Despite this impressive return, the stock has recently experienced a dip, with a 1-week price total return showing a decrease of 8.43%.
InvestingPro Tips reveal that authID Inc. is currently trading at a high revenue valuation multiple, which may be a point of consideration for investors assessing the stock's value proposition. Additionally, the company does not pay dividends, which could influence the investment strategies of income-focused shareholders. For those interested in a deeper dive into the company's performance and potential, there are additional InvestingPro Tips available, providing a more comprehensive analysis of authID Inc.'s market position and financial stability.
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