In a recent transaction, Robert E. Bigelow III, Vice President and Head of Fund Development at 180 Degree Capital Corp. (NASDAQ:TURN), purchased shares in the company. The transaction, which took place on May 15, 2024, involved acquiring 1,680 shares of common stock at a price of $3.8663 per share, amounting to a total investment of approximately $6,500.
This purchase by Bigelow is noteworthy as it reflects a positive sentiment from an insider about the company's prospects. Following the transaction, Bigelow's stake in 180 Degree Capital Corp. has increased, with the executive now owning a total of 119,680 shares directly.
Investors often monitor insider buying as it can signal confidence in the company's future performance. The transaction details, including the number of shares purchased and the total value, provide a glimpse into the level of commitment an insider has in the company's success.
180 Degree Capital Corp., with its trading symbol TURN, is an investment firm based in Montclair, New Jersey. The company focuses on turning around and unlocking value from underperforming assets, which makes the insider transaction an interesting point of consideration for current and potential investors.
The reported transaction was signed off by Daniel B. Wolfe by the power of attorney on May 17, 2024.
InvestingPro Insights
Amidst the recent insider buying activity at 180 Degree Capital Corp. (NASDAQ:TURN), investors may find the following InvestingPro data and tips particularly insightful. The company's market capitalization stands at a modest $38.5 million, reflecting its position in the market. Despite the insider's confidence, the company's financials show that it has not been profitable over the last twelve months, which is crucial information for investors considering the stock's potential.
The stock's price-to-earnings (P/E) ratio is currently negative at -2.82, indicating that the company has been loss-making. Revenue for the last twelve months as of Q4 2023 was reported at $0.05 million, with a significant decline of 34.49% compared to the previous period. This decline is further emphasized by a quarterly revenue drop of 92.06% in Q4 2023. Despite these challenging figures, the company does have a gross profit margin of 100%, suggesting that while revenue is low, the cost of goods sold is minimal.
One of the key InvestingPro Tips for TURN indicates that the stock is trading near its 52-week low, which could be a sign for bargain hunters or may reflect underlying issues within the company. Another tip points out that while the company does not pay a dividend, which might deter income-seeking investors, its liquid assets do exceed short-term obligations, providing some financial stability.
For those looking to delve deeper into the financial health and future prospects of 180 Degree Capital Corp., InvestingPro offers additional tips. Currently, there are 5 more InvestingPro Tips available that could provide further guidance on whether the insider buying is a signal to follow or a cautious tale. To access these tips and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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