In a recent transaction, Douglas A. Pertz, a director at Vestis Corp (NYSE:VSTS), has increased his stake in the company by purchasing shares worth approximately $1.1 million. The transaction, which took place on May 3, 2024, involved the acquisition of 110,000 shares at a weighted average price of $10.0189 per share.
Investors following Vestis Corp's insider activity will note that the shares were bought in multiple transactions at prices ranging from $9.45 to $10.35. Following this purchase, Pertz now owns a total of 141,135.535 shares in Vestis Corp, directly aligning his interests with those of the company's shareholders.
The disclosure of this purchase comes as part of the company's regulatory filings, providing transparency into the actions of Vestis Corp's directors and officers. While the reasons behind Pertz's decision to increase his holdings at this particular time are not disclosed, such transactions are often seen as a sign of confidence in the company's future prospects by those with intimate knowledge of its operations.
Vestis Corp, which operates under the industrial classification of Wholesale-Miscellaneous Nondurable Goods, is incorporated in Delaware and has its business address in Roswell, Georgia. The company's stock trades on the New York Stock Exchange under the ticker symbol VSTS.
For investors interested in the specifics of the transaction, Pertz has committed to providing full information regarding the number of shares purchased at each separate price within the specified range upon request.
The transaction was signed off by Timothy Donovan, General Counsel for Vestis Corp, acting as Attorney-in-fact, and was filed with the necessary authorities on May 6, 2024.
InvestingPro Insights
Following the recent insider purchase by director Douglas A. Pertz, Vestis Corp (NYSE:VSTS) has shown several noteworthy data points according to InvestingPro. The company's market capitalization stands at a solid $1.24 billion, with a Price/Earnings (P/E) ratio of 7.68, indicating that the stock may be trading at a low earnings multiple compared to its earnings. This could suggest a potentially undervalued stock, as reflected in the recent insider buying activity.
Additionally, Vestis Corp's revenue for the last twelve months as of Q2 2024 was reported at $2.85 billion, showing a modest growth rate of 3.1%. The company's gross profit margin during the same period was a healthy 30.44%, demonstrating its ability to maintain profitability amidst market conditions.
InvestingPro Tips highlight that the stock has experienced significant price volatility, with a 50.03% decline over the past week. This aligns with another tip indicating that the stock has taken a substantial hit over the last six months. Despite these short-term setbacks, InvestingPro Tips also reveal that analysts predict the company will be profitable this year, which may provide some reassurance to investors about the company's future performance.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which could further inform investment decisions. By using coupon code PRONEWS24, investors can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights. Visit https://www.investing.com/pro/VSTS for a comprehensive list of tips and metrics tailored to Vestis Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.