In a recent transaction on August 27, Anthony J. Blasquez, Executive Vice President of Rent-A-Center (NASDAQ:UPBD) (EVP-RAC) at Upbound Group, Inc. (NASDAQ:UPBD), sold 2,500 shares of the company's common stock. The transaction resulted in a total sale value of approximately $82,932, with shares sold at a weighted average price of $33.1728.
The sale was conducted in multiple transactions with prices ranging from $33.1725 to $33.195. Blasquez has committed to providing full information regarding the number of shares sold at each separate price within the stated range upon request.
Following the sale, Blasquez continues to hold 56,837 shares of Upbound Group, Inc., which includes common stock and unvested restricted stock units. It is noted that a previous Form 4 filing by Blasquez on February 28, 2023, had inadvertently underreported the number of time-based restricted stock units acquired by 370 shares due to an administrative error, which has now been corrected.
Investors and stakeholders in Upbound Group, Inc. often monitor the buying and selling activities of company insiders like Blasquez as an indicator of their confidence in the company's current standing and future prospects.
In other recent news, Upbound Group reported a robust growth in Q2 2024, with revenues nearing $1.1 billion and non-GAAP earnings per share rising to $1.04. This growth was driven by a 2% increase at Rent-A-Center and a 19% surge at Acima, attributed to an expansion in merchant count and improved productivity. The company revised its full-year guidance upwards, signaling confidence in meeting new targets.
Upbound Group also highlighted strategic investments in technology and digital platforms. Despite facing a lawsuit by the CFPB, the company intends to defend vigorously. The company anticipates $60 million to $75 million of free cash flow for the quarter and has nearly $0.5 billion in available liquidity.
These are recent developments that depict the company's focus on growth and its resilience to perform in various economic conditions. Upbound Group aims for a net leverage ratio under 2x and has plans to allocate capital towards growth, dividends, and share repurchases. This reflects the company's strategic advancements and its ability to navigate economic uncertainties while maintaining its competitive edge in the market.
InvestingPro Insights
The recent insider sale by Executive Vice President Anthony J. Blasquez of Upbound Group, Inc. (NASDAQ:UPBD) may draw investor attention to the company's financial health and future outlook. According to InvestingPro data, Upbound Group's market capitalization stands at $1.81 billion, with a notable price-to-earnings (P/E) ratio of 33.33. Despite this relatively high earnings multiple, the company has shown a revenue growth of 3.99% over the last twelve months as of Q2 2024.
InvestingPro Tips suggest that while analysts are adjusting their earnings expectations downward for the upcoming period, they also predict that Upbound Group will be profitable this year. Moreover, the company's liquid assets surpass its short-term obligations, indicating a strong liquidity position. These insights could be particularly valuable for investors assessing the implications of insider transactions on their investment decisions.
Additionally, the company's stock price movements have been quite volatile, as reflected in the 1-month price total return of -11.01%. However, the 1-year price total return stands at a more positive 14.07%, showcasing the stock's resilience over a longer period. For investors looking for more in-depth analysis and tips, there are over six additional InvestingPro Tips available, which can be found at https://www.investing.com/pro/UPBD.
With the next earnings date scheduled for October 30, 2024, stakeholders will be keen to see if the company's financial performance aligns with the insights provided by the InvestingPro Tips and whether the executive's recent stock sale aligns with the broader financial narrative of Upbound Group, Inc.
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