Christopher J. Progler, Executive Vice President and Chief Technology Officer of Photronics Inc. (NASDAQ:), recently executed a series of transactions involving the company’s common stock. On December 19, Progler sold a total of 75,000 shares, generating approximately $1.57 million. The sale prices ranged from $24.81 to $24.90 per share. The stock, which InvestingPro data shows has declined nearly 8% over the past week, currently trades at $24.04 with a market capitalization of $1.51 billion.
In addition to the sales, Progler acquired shares through multiple exercises of stock options. These acquisitions involved a total of 75,000 shares at prices ranging from $8.60 to $12.13 per share, with a total value of $699,540. Following these transactions, Progler holds a direct ownership of 219,166 shares of Photronics. The company maintains robust financial health, with InvestingPro analysis showing a strong current ratio of 5.07 and more cash than debt on its balance sheet.
The transactions reflect a strategic reshuffling of Progler’s holdings in the semiconductor company, which specializes in photomask technology. Trading at a P/E ratio of 11.35, analysis suggests the stock may be undervalued. Discover more insights and 8 additional ProTips about Photronics with an InvestingPro subscription, including detailed valuation metrics and comprehensive financial health scores.
In other recent news, Photronics Inc. has made notable developments in its operations. The company expanded its board with the appointment of David Garcia, a legal expert with 30 years of experience. Garcia’s experience in mergers and acquisitions, venture capital financing, and securities offerings is expected to aid Photronics in exploring various business development opportunities. On the financial front, Photronics reported its third-quarter earnings for 2024, revealing an EPS of $0.51, slightly below the anticipated $0.52, and a revenue of $211 million. Despite the minor miss, the company’s financial stability was underscored by robust cash reserves and a low debt profile. DA Davidson raised Photronics’ target to $35 due to a promising investment year outlook for 2025. The company’s Q4 revenue guidance stands at $213-$221 million and a non-GAAP EPS range of $0.51-$0.54. Photronics is also keen on expanding its IC capacity and exploring strategic expansion options in the U.S., Europe, and Asia. DA Davidson maintains a long-term bullish perspective on Photronics’ prospects, despite acknowledging near-term challenges.
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