FREMONT, CA - Jonathan Bornstein, President of Amprius Lab at Amprius Technologies, Inc. (NYSE:AMPX), has sold a portion of his holdings in the company, according to recent filings with the Securities and Exchange Commission. The transactions, which took place on May 21 and May 22, 2024, involved the sale of a total of 19,902 shares of common stock, resulting in proceeds of over $26,669.
On the first day of the reported transactions, Bornstein sold 11,171 shares at an average price of $1.3276. The sales were executed in multiple transactions with prices ranging from $1.31 to $1.345. The following day, an additional 8,731 shares were sold at an average price of $1.356, with individual sales prices varying between $1.31 and $1.3824.
The filings indicate that these sales were part of non-discretionary, sell-to-cover arrangements mandated by Amprius Technologies to fund tax withholding obligations associated with the vesting of restricted stock units. Following these transactions, Bornstein's remaining stake in the company includes 1,546,895 shares, which also accounts for 523,997 restricted stock units that are subject to vesting schedules and conditions.
Investors and followers of Amprius Technologies' financial movements can obtain further details on the exact number of shares sold at each price upon request, as noted in the footnotes of the SEC filing.
Amprius Technologies, known for its work in the miscellaneous electrical machinery, equipment, and supplies sector, has Bornstein at the helm of its Amprius Lab, contributing to the company's innovation and growth in the industry.
The disclosed sales provide transparency into the financial activities of one of Amprius Technologies' top executives, offering investors a glimpse into insider transactions that can be an essential aspect of a comprehensive investment strategy.
InvestingPro Insights
In light of the recent insider transactions at Amprius Technologies, Inc. (NYSE:AMPX), the market may be keen to understand how these moves align with the company's financial health and future prospects. According to InvestingPro, Amprius Technologies holds more cash than debt on its balance sheet, which could provide a buffer in challenging economic times. However, analysts have flagged concerns, noting that the company is quickly burning through cash and suffers from weak gross profit margins. These factors are critical for investors to consider when assessing the company's ability to sustain innovation and growth in the electrical machinery sector.
Reviewing the real-time data from InvestingPro, Amprius Technologies boasts a market capitalization of $132.26 million, which reflects the company's size and market value. Despite impressive revenue growth in the last twelve months as of Q1 2024, with an increase of 259.64%, the company has reported a concerning gross profit margin of -145.7%. This suggests that the costs associated with generating revenue are surpassing the revenue itself, which could be a red flag for profitability. Additionally, the stock has experienced significant price volatility, as evidenced by a 1-year price total return of -81.55%, underscoring the high-risk nature of the investment.
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