WideOpenWest, Inc. (NYSE:WOW) CEO Teresa L. Elder has sold a total of $105,841 worth of company stock, according to a recent Form 4 filing with the Securities and Exchange Commission. The transaction, which took place on August 1, 2024, involved the sale of 20,000 shares at a weighted average price of $5.2921 per share.
Investors tracking insider transactions may note that the prices at which the shares were sold ranged from $5.235 to $5.46, as indicated in the footnotes of the regulatory filing. Following the sale, Elder's remaining stake in the company consists of 1,575,787 shares of WideOpenWest common stock.
It is worth mentioning that the reported sale was executed under a pre-arranged Rule 10b5-1 trading plan, which Elder had adopted on December 13, 2023. This type of trading plan allows insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information, thus providing a defense against claims of insider trading.
WideOpenWest, Inc., headquartered in Englewood, Colorado, operates within the cable and other pay television services industry. The company's stock is traded under the ticker symbol WOW on the New York Stock Exchange.
In other recent news, WideOpenWest (WOW) has seen significant developments. The company's first-quarter 2024 earnings report showed a year-over-year increase in high-speed data revenue to $106.2 million and an adjusted EBITDA growth of 3.4% to $67.4 million. Despite a decline in total revenue, WOW demonstrated strong growth in its greenfield and Edge-Out markets.
In addition, WOW has been involved in a non-binding preliminary acquisition proposal from its majority shareholder, Crestview, and DigitalBridge, which has led to Raymond James downgrading the company's stock rating from Market Perform to Underperform. Raymond James cited potential unseen expenses for the prospective buyer, including capital expenditures and necessary upgrades to the company's legacy properties, as potential factors impacting the investment's attractiveness.
Moreover, WOW recently secured a $2.39 million grant from the Alabama Department of Economic and Community Affairs for expanding its fiber network in Houston and Henry Counties, southeastern Alabama. This expansion is part of WOW's broader strategy to enhance broadband access in regions with limited connectivity options.
These are among the recent developments for WideOpenWest, demonstrating the company's ongoing efforts in network expansion, financial growth, and strategic business maneuvers.
InvestingPro Insights
As WideOpenWest, Inc. (NYSE:WOW) navigates through the market landscape, investors and stakeholders are closely monitoring the company's financial health and stock performance. Recent data from InvestingPro provides a more in-depth look into the company's current status.
InvestingPro data highlights that WideOpenWest holds a market capitalization of $432.04 million. Despite the challenges faced, the company's gross profit margin remains strong at 58.15% for the last twelve months as of Q1 2024. This margin reflects the company's ability to maintain profitability on the cost of goods sold, which is a vital aspect for investors to consider.
Moreover, the stock has experienced a significant price appreciation, with a 36.94% return over the last three months and an even more impressive 49.57% increase over the past six months. This upward trend is a positive signal to the market and may align with one of the InvestingPro Tips that suggests a strong return in the recent period.
However, there are areas of concern that investors should be aware of. According to InvestingPro Tips, WideOpenWest is grappling with a substantial debt burden and has been quickly burning through cash. These factors are critical when assessing the company's long-term financial stability and growth prospects. Additionally, the company's stock price has been noted for its volatility, which could impact investment decisions for those seeking more stable returns.
For investors looking for more comprehensive analysis and additional insights, InvestingPro offers a total of 11 tips for WideOpenWest, Inc., which can be accessed on the platform. These tips provide a broader understanding of the company's financial position and future outlook, helping investors make more informed decisions.
As the market continues to evolve, keeping an eye on these metrics and tips from InvestingPro will be crucial for those interested in WideOpenWest's stock performance and overall financial health.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.