Stephen A. Riddick, a director at Bowman Consulting Group Ltd. (NASDAQ:BWMN), has sold a significant portion of company stock, according to a recent SEC filing. On December 11, Riddick sold 4,088 shares of common stock at a price of $28.62 per share, bringing the total transaction value to approximately $116,998. With a current market capitalization of $480 million, InvestingPro analysis indicates the stock is currently trading near its Fair Value, while analysts maintain a strong buy consensus with a potential upside of 30%.
Following this sale, Riddick now holds 16,160 shares of Bowman Consulting. The transaction was executed under a Rule 10b5-1 trading plan, which Riddick adopted on May 15, 2024. This plan allows for the sale of up to 6,600 shares of the company's common stock from August 14, 2024, through August 2025. For deeper insights into insider trading patterns and comprehensive financial analysis, including 8 additional ProTips and detailed valuation metrics, investors can access the full research report on InvestingPro.
In other recent news, Bowman Consulting Group Ltd. has reported significant developments. The engineering services firm announced an increase in its share repurchase program from $25 million to $35 million, with approximately $16 million of the repurchase amount still available. This decision was made by the company's Board of Directors, and the program is set to expire on July 31, 2025.
Additionally, Bowman has shown impressive financial performance, with net revenue surpassing $100 million in the third quarter of 2024. This represents a significant year-over-year growth, further underscored by a 27% increase in backlog, driven by robust new bookings and large transportation contracts. The company's gross revenue rose 21% to $113.9 million, while net revenue increased 23% to $101 million.
These recent developments come as Bowman continues to invest in organic growth and strategic acquisitions. The company has raised its 2024 revenue outlook and set an optimistic revenue forecast for 2025, reflecting confidence in continued expansion. Bowman's executives also highlighted an uptick in demand for services related to electrification and decarbonization in power markets.
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