In a recent transaction, Benjamin J. Hindson, the President and Chief Scientific Officer of 10x Genomics, Inc. (NASDAQ:TXG), sold 4,087 shares of the company's Class A Common Stock. The sale took place on May 22, 2024, with the shares being sold at a price of $24.3036 each, amounting to a total value of $99,328.
The transaction was conducted for the purpose of covering tax withholding obligations associated with the vesting of restricted stock units, as indicated in the filing footnotes. Following this sale, Hindson still holds a substantial number of shares, with 350,055 shares remaining in his possession.
10x Genomics, based in Pleasanton, California, is known for its contributions to the field of laboratory analytical instruments. The company maintains a strong presence in the industry with its innovative technologies and services.
Investors often keep a close eye on insider transactions as they may provide insights into the executive's view of the company's current valuation and future prospects. Hindson's recent stock sale is part of the regular financial activities that executives undertake, and it is duly reported for transparency and regulatory compliance.
InvestingPro Insights
Amidst the recent insider transaction at 10x Genomics, Inc. (NASDAQ:TXG), where President and Chief Scientific Officer Benjamin J. Hindson sold shares for tax obligations, it's essential to look at the company's financial health and market performance to understand the broader context. According to InvestingPro data, 10x Genomics holds a market capitalization of $2.75 billion and has demonstrated a revenue growth of 16.64% over the last twelve months as of Q1 2024, indicating a robust expansion in its business operations.
The company's gross profit margin stands at a strong 64.62%, showcasing its ability to maintain profitability in its core operations. However, 10x Genomics is currently not profitable, with a negative operating income margin of -32.35% and a return on assets of -27.29%. This suggests that while the company generates significant gross profit, it's facing challenges in translating that into net earnings, possibly due to high operating costs or investments in growth.
InvestingPro Tips highlight that 10x Genomics' stock price has experienced significant volatility, with a price total return of -58.99% year-to-date, and is currently trading near its 52-week low, which might indicate a potential buying opportunity for investors who are bullish on the company's long-term prospects. The tip that the stock is in oversold territory based on the RSI could suggest that the recent selling pressure may have been overextended.
For investors seeking additional insights, there are 12 more InvestingPro Tips available for 10x Genomics, which can be accessed at https://www.investing.com/pro/TXG. These tips could provide valuable information for making informed investment decisions. Moreover, interested users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment research with a suite of advanced tools and analytics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.