Amprius Technologies, Inc.'s (NYSE:AMPX) Chief Financial Officer, Sandra Wallach, recently sold shares of the company's stock, according to a new SEC filing. The transaction, which took place on August 21, 2024, involved the sale of 17,606 shares at an average price of $1.04, totaling approximately $18,310.
The shares were sold in multiple transactions with prices ranging from $1.03 to $1.0523. The sale was part of a pre-arranged plan to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Wallach still holds a significant stake in the company, with 713,300 shares, including 655,987 restricted stock units which are subject to vesting conditions.
Investors often monitor insider transactions as they provide insights into how executives view the company's stock value and future prospects. However, it is important to note that such sales can be part of standard financial planning strategies and do not necessarily indicate a lack of confidence in the company.
Amprius Technologies, based in Fremont, California, operates in the miscellaneous electrical machinery, equipment, and supplies sector, and was formerly known as Kensington Capital Acquisition Corp. IV before changing its name in December 2021.
In other recent news, Amprius Technologies reported a significant increase in its second-quarter revenue, marking a 105% year-over-year jump to $3.3 million. Despite this robust growth, the company also reported a net loss of $12.5 million and a negative gross margin, largely attributed to preconstruction costs for a new facility in Colorado and increased operating expenses. In company developments, Amprius recently welcomed Livingston "Tony" Satterthwaite to its board of directors, filling the vacancy left by Mary Gustanski's resignation. Satterthwaite, an existing member of Amprius's Advisory Council, was also appointed to the board's Compensation Committee. In the realm of analyst notes, financial services firm Oppenheimer adjusted its price target for Amprius, reducing it from $15.00 to $14.00, while maintaining an Outperform rating. This adjustment reflects Amprius's strategic shift as it continues to build a solid customer base and meet revenue forecasts through a contract manufacturing strategy. These are the recent developments for Amprius Technologies.
InvestingPro Insights
Amprius Technologies, Inc. (NYSE:AMPX) has been navigating a challenging financial landscape, as reflected in recent insider transactions and company performance metrics. An examination of the company's financial health through InvestingPro data reveals a market capitalization of $119.94 million, indicating the size of the company in the competitive technology sector. Despite a remarkable revenue growth of 216.99% over the last twelve months as of Q2 2024, the company's gross profit margin stands at a concerning -153.77%, highlighting operational difficulties that have impacted profitability.
Furthermore, the company's stock has experienced significant volatility. The price has decreased by 78.23% over the past year, with the stock currently trading at around 17.77% of its 52-week high. This could be an indicator of market sentiment and the challenges Amprius Technologies is facing.
InvestingPro Tips suggest that while Amprius holds more cash than debt, providing some financial flexibility, analysts are not optimistic about the company's profitability in the near term. They have revised their earnings expectations downwards for the upcoming period, and the stock has fared poorly over the last month. These insights, among others, are part of a broader analysis available on InvestingPro, with over 15 additional tips offering a comprehensive understanding of Amprius Technologies' financial position and outlook. For investors considering Amprius as a potential addition to their portfolio, these insights can be critical in making an informed decision.
It's worth noting that Amprius Technologies' next earnings date is scheduled for November 7, 2024, which will provide further clarity on the company's financial trajectory and may influence investor decisions.
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