A recent filing with the Securities and Exchange Commission reveals that Jonathan Bornstein, President of Amprius Lab at Amprius Technologies, Inc. (NYSE:AMPX), has sold a total of 18,644 shares of the company's common stock. The transactions, dated August 21, 2024, were carried out at an average price of $1.04 per share, resulting in a total value of approximately $19,389.
According to the details provided in the filing, the shares were sold in multiple transactions at prices ranging from $1.03 to $1.0523. This sale was part of a prearranged sell-to-cover arrangement, which is commonly used by executives to satisfy tax withholding obligations related to the vesting of restricted stock units.
Following the sale, Bornstein's remaining stake in Amprius Technologies includes 1,528,251 shares, which takes into account 489,064 restricted stock units that are contingent upon meeting certain vesting conditions.
Investors often keep a close eye on insider transactions as they can provide valuable insights into an executive's perspective on the company's current valuation and future prospects.
In other recent news, Amprius Technologies has been making notable strides. The company reported a significant 105% year-over-year increase in its second-quarter revenue, reaching $3.3 million. However, it also disclosed a net loss of $12.5 million and a negative gross margin, largely attributed to preconstruction costs for a new Colorado facility and increased operating expenses.
In board-related developments, Amprius Technologies welcomed Livingston "Tony" Satterthwaite as a Class II director, replacing the recently resigned Mary Gustanski. Satterthwaite, who has been part of Amprius's Advisory Council since September 2023, will also serve on the board's Compensation Committee.
Financial services firm Oppenheimer has adjusted its price target for Amprius Technologies, reducing it from $15.00 to $14.00, while maintaining an Outperform rating on the company's stock. This adjustment is in response to Amprius's strategic shift as it continues to build a solid customer base. According to Oppenheimer's analysis, Amprius can fulfill revenue forecasts effectively through a contract manufacturing strategy.
These are just some of the recent developments at Amprius Technologies, as the company continues to navigate the dynamic business landscape.
InvestingPro Insights
Amprius Technologies, Inc. (NYSE:AMPX) has been navigating a challenging financial landscape, as evidenced by recent market data. With a market capitalization of approximately $119.94 million, the company's valuation reflects investor sentiment towards its prospects. Notably, the company's P/E ratio stands at -2.43, indicating that earnings are currently negative, which aligns with the InvestingPro Tip that analysts do not anticipate the company will be profitable this year.
Despite these hurdles, there are signs of robust sales growth, with revenue surging by 216.99% over the last twelve months as of Q2 2024. This aligns with another InvestingPro Tip, which suggests that analysts anticipate sales growth in the current year. However, it's worth noting that the company's gross profit margins remain weak, with a gross profit of -$19.1 million and a margin of -153.77% over the same period.
The stock price has been under pressure, currently trading near its 52-week low, which is only 17.77% of its 52-week high. This may be of interest to investors considering the executive's recent stock sale and the potential for a value play if they believe in the company's long-term growth narrative.
For those seeking to delve deeper, InvestingPro offers additional insights, including 17 more InvestingPro Tips for Amprius Technologies, which can be found at https://www.investing.com/pro/AMPX. These tips provide a more comprehensive view of the company's financial health and future outlook, which could be invaluable for making informed investment decisions.
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