Sonendo, Inc.'s (NYSE:SONX) President and CEO, Bjarne Bergheim, recently sold company shares to cover tax withholding obligations related to restricted stock units (RSUs). The transaction, involving a total of 2,381 shares of common stock, was executed at a price of $0.091 per share, amounting to a total value of $216.
The sale, which took place on May 3, 2024, was not a discretionary move by Bergheim but a necessary step to fulfill tax requirements associated with the vesting of RSUs granted on November 2, 2021. Following the sale, Bergheim continues to hold 1,931,758 shares in the dental equipment and supplies company.
It's important to note that the transaction was conducted through a "sell to cover" mechanism, which is commonly used by executives to handle tax obligations that arise when equity awards vest. The shares were sold in multiple transactions at the stated price, and Bergheim has committed to providing full details regarding the number of shares sold upon request.
Investors and followers of Sonendo can expect Bergheim to maintain a significant stake in the company, signaling continued confidence in its future prospects.
InvestingPro Insights
As Sonendo, Inc. navigates through its financial landscape, real-time data from InvestingPro provides key metrics that can inform investors about the company's current situation. With a market capitalization of $7.39 million, Sonendo is a relatively small player in the dental equipment and supplies industry. Despite this, the company holds more cash than debt, which is a positive sign of financial stability. This is one of the valuable InvestingPro Tips that can be found on the platform, which currently lists a total of 11 tips for SONX.
However, the company's financial performance over the last twelve months as of Q4 2023 shows that it is not profitable, with an operating income margin of -123.27% and a return on assets of -56.55%. The stock price has also experienced significant volatility, with a one-year price total return as of the latest data point showing a steep decline of -92.01%. Another InvestingPro Tip notes that analysts do not anticipate Sonendo will be profitable this year, which aligns with the observed performance metrics.
For investors looking to delve deeper into Sonendo's financials and stock performance, InvestingPro offers additional insights and tips. To gain access to these valuable resources and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Here are three key InvestingPro Data metrics for Sonendo as of Q4 2023:
- Revenue: $43.87 million, with a gross profit margin of 28.05%.
- Price to Book ratio: 0.26, indicating the stock may be trading at a low valuation relative to the company's book value.
- Recent stock price: $0.1 per share, which is only 6.8% of the 52-week high, possibly presenting a discounted entry point for investors.
With these insights, investors can better assess the implications of the CEO's recent share sale and the company's broader financial health.
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