In a recent transaction, Dale Martin Knecht, the Senior Vice President of Information Technology at TTM Technologies Inc. (NASDAQ:TTMI), sold 7,029 shares of the company's common stock. This sale, which took place on May 10, 2024, was executed at a weighted average price of $18.14 to $18.15 per share, resulting in a total value of approximately $127,508.
The transaction was reported in an open market sale, indicating that the shares were sold publicly rather than through a private arrangement. The exact prices of the shares within the given range have not been disclosed, but the reporting person has agreed to provide detailed information about the number of shares sold at each price upon request.
Following the sale, Knecht still holds 90,024 shares of TTM Technologies, maintaining a significant stake in the company. The sale could be part of Knecht's personal financial management strategy or portfolio diversification. As a key executive within the company, such transactions are closely watched by investors for potential insights into the executive's view of the company's future prospects.
TTM Technologies, based in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a crucial component in various electronic devices. The company is incorporated in Delaware and has been a player in the manufacturing sector, providing essential products for a range of industries.
Investors and stakeholders in TTM Technologies continue to monitor insider transactions as they can sometimes provide a glimpse into the company's performance and the confidence level of its top executives. However, it's important to consider that insider sales can occur for a variety of reasons and may not necessarily reflect a negative outlook on the company's future.
InvestingPro Insights
As TTM Technologies (NASDAQ:TTMI) navigates the competitive landscape of printed circuit board manufacturing, recent market data and insights from InvestingPro provide a snapshot of the company's financial health and stock performance. According to InvestingPro, TTMI's net income is expected to grow this year, which aligns with the positive outlook suggested by some analysts, indicating potential for the company's profitability in the near future.
InvestingPro Data shows a mixed picture. Despite a challenging revenue growth rate in the last twelve months as of Q1 2024, which saw a decrease of 8.14%, the company has experienced a quarterly revenue growth of 4.72% in Q1 2024. This could signal a turnaround or a positive shift in the company's business trajectory. Additionally, TTM Technologies has demonstrated strong stock performance with a 1 Year Price Total Return of 51.69% and is trading near its 52-week high, with a Price % of 52 Week High at 99.68%. The company's stock price closed at $18.37, just below the Fair Value (Analyst Targets) of $19.88, yet above the InvestingPro Fair Value of $14.1.
Among the InvestingPro Tips, it's worth noting that the Relative Strength Index (RSI) suggests the stock is currently in overbought territory, which could imply a potential pullback or consolidation in the near term. Moreover, TTM Technologies does not pay a dividend to shareholders, which might be a consideration for income-focused investors.
To delve deeper into TTM Technologies' prospects and for more InvestingPro Tips, interested readers can visit https://www.investing.com/pro/TTMI. There are 11 additional tips available, offering a comprehensive analysis for investors. For those considering a subscription to InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching your investment research with valuable insights.
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