Corporate Secretary and Chief Governance Officer (CGO) of Byrna Technologies Inc. (NASDAQ:BYRN), Lisa Wager, has recently sold shares in the company. On September 18, 2024, Wager sold 2,450 shares of common stock at prices ranging from $17.01 to $17.04, with the transactions amounting to a total of $41,686. The weighted average price of the shares sold was $17.0147.
The sale was conducted under a pre-arranged 10b5-1 trading plan, which was adopted on February 21, 2024. This plan allows company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of non-public information. Following the sale, Wager still owns 224,555 shares of Byrna Technologies, indicating a continued stake in the company's success.
Byrna Technologies, known for its diverse range of electrical machinery, equipment, and supplies, is a player in the miscellaneous electrical machinery industry. The company, incorporated in Delaware with a fiscal year-end on November 30, has its headquarters located in Andover, Massachusetts.
Investors and followers of Byrna Technologies can request detailed information about each transaction from Wager if needed, as noted in the footnotes of the SEC filing. This transparency is part of the company's commitment to maintaining open communication with its shareholders and the public.
In other recent news, Byrna Technologies has been making significant strides in its financial performance and growth strategy. The company reported robust Q3 sales of $20.8 million, a 194% increase year-over-year. This surge in sales has been attributed to strong performance across all end markets, with a notable boost from a celebrity endorsement program launched in September 2023.
Following these strong results, B.Riley raised the stock price target for Byrna Technologies to $25.00, up from the previous $20.00, while maintaining a Buy rating on the stock. The company also received a Buy rating from Roth/MKM, highlighting Byrna Technologies' potential in the non-lethal consumer self-defense market.
In addition to these developments, Byrna Technologies has initiated a $10 million stock repurchase program. This initiative aims to enhance shareholder value and will be funded through the company's existing cash balance and operational cash flow.
The company also announced plans for expansion, including the opening of company-owned retail stores and the establishment of a U.S.-based ammunition production facility. Despite a delay in the launch of a smaller launcher until the second half of 2025, Byrna remains focused on capturing a larger market share within the gun owners demographic.
InvestingPro Insights
As the corporate governance landscape at Byrna Technologies Inc. (NASDAQ:BYRN) shifts with recent insider transactions, investors may be looking for deeper insights into the company's financial health and market performance. According to InvestingPro metrics, Byrna Technologies currently holds a market capitalization of approximately $381.97 million, with a strikingly high price-to-book ratio of 7.9 as of the last twelve months leading up to Q2 2024. This valuation suggests a premium on the company's net asset value, which can be a point of interest for value-focused investors.
Additionally, Byrna's revenue has shown a robust growth of 23.34% over the same period, with gross profit margins impressively high at 57.67%. These figures indicate that the company is effectively managing its cost of goods sold and could be in a strong position to leverage its profitability. However, it's noteworthy that the company's P/E ratio stands at -128.28, reflecting market expectations of future earnings growth or possibly a signal of overvaluation.
InvestingPro Tips highlight that Byrna Technologies holds more cash than debt on its balance sheet and that net income is expected to grow this year. These tips, among others available on InvestingPro, provide a forward-looking perspective on the company's financial trajectory. For those interested in a comprehensive analysis, there are over 19 additional InvestingPro Tips for Byrna Technologies available, offering in-depth guidance for potential and current investors.
With the next earnings date set for February 7, 2025, stakeholders will be keen to see how these financial metrics and market expectations align with the company’s performance. The recent insider sale, while significant, is just one piece of the puzzle when assessing Byrna Technologies' future prospects.
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