Lee Kang Jyh, Chief Executive Officer Photonics Inc. (NASDAQ:), sold part of his stock in the company. According to the most recent SEC filing, Lee sold 8,750 shares of common stock on December 20, 2024, at an estimated price of $24.33 per share. These transactions reached a total value of approximately $212,887. The sale comes as Photronics stock has experienced a 9% decline in the past week, however InvestingPro The analysis shows that the company maintains a “GREAT” financial health score, supported by strong cash flow and low debt.
Following this transaction, Lee retains ownership of 545,850 shares in Photronics, representing a significant portion of the company's $1.5 billion market cap. The sale is made in multiple trades, as noted in the file. According to InvestingProwhich provides comprehensive analysis and 8 additional key information about Photronics, the stock currently appears to be slightly undervalued based on their proprietary Fair Value model.
In other recent news, Photronics Inc. announced the appointment of David Garcia to the Board of Directors. Garcia brings 30 years of legal experience, including roles at Holland & Hart, Wilson Sonsini Goodrich & Rosati, and the Venture Law Group. His expertise in mergers and acquisitions, venture capital financing, and securities offerings is expected to assist Photronics in exploring various business development opportunities.
The company also reported earnings for the third quarter of 2024, revealing EPS of $0.51, below estimates of $0.52, and revenue of $211 million. Despite a few misses, Photronics continues to maintain financial stability, characterized by strong reserves and a low debt profile. The company also expanded its share buyback program to $100 million.
Analysts at DA Davidson have raised the target for Photronics to $35, describing 2025 as a promising investment year. Prospects for Photronics.
Photronics' Q4 revenue guidance stands at $213-$221 million with non-GAAP EPS in the range of $0.51-$0.54. The company is committed to expanding its IC capabilities and exploring strategic expansion options in the US, Europe and Asia. This latest development shows Photronics' confidence in the long-term market for photomasks, driven by AI and computer technologies.
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