Andover, MA - In a recent transaction, Herbert Hughes, Chairman of the Board for Byrna Technologies Inc. (NASDAQ:BYRN), sold 6,500 shares of the company's common stock. The sale, dated September 5, 2024, amounted to over $98,000, with the shares being sold at a weighted average price of $15.0843.
The shares were sold under a 10b5-1 trading plan, which was adopted earlier this year on February 21. The sales took place in multiple transactions with prices ranging from $15.08 to $15.09431. The stated average price reflects the weighted average of these sales.
Following the transaction, Hughes still owns a substantial number of company shares, with his holdings totaling 122,089 shares of Byrna Technologies' common stock. The transaction was carried out in a direct ownership capacity.
Byrna Technologies, based in Andover, Massachusetts, operates in the miscellaneous electrical machinery, equipment, and supplies industry under the industrial classification of 3690. The company, formerly known as Security Devices International Inc., is incorporated in Delaware and ended its fiscal year on November 30.
The company has not made any additional comments regarding the sale. Shareholders and potential investors can request detailed information about the exact number of shares sold at each specific price point if needed. The transaction was signed under power of attorney on behalf of Mr. Hughes by Lisa Klein Wager on September 6, 2024.
In other recent news, Byrna Technologies Inc. has been experiencing significant growth. The company's third-quarter sales reached $20.8 million, marking a 194% increase year-over-year. B.Riley responded by raising the stock price target from $20.00 to $25.00 while maintaining a Buy rating. Similarly, Roth/MKM has initiated a Buy rating for Byrna, predicting a compound annual growth rate of over 37% in sales.
Byrna has also initiated a $10 million stock repurchase program, continuing its history of buybacks. In addition to these developments, the company reported a net income of $2.1 million for Q2 2024, contrasting with the previous year's net loss. Byrna's net revenue also increased by 76%, reaching $20.3 million.
The company has announced expansion plans, including opening company-owned retail stores and establishing a U.S.-based ammunition production facility. Despite the delay in launching a smaller launcher until the second half of 2025, Byrna remains focused on capturing a larger market share within the gun owners demographic. These are all recent developments that highlight Byrna's ongoing financial performance and growth strategy.
InvestingPro Insights
Byrna Technologies Inc. (NASDAQ:BYRN) has recently been in the spotlight due to a significant transaction by its Chairman of the Board, Herbert Hughes. To provide further context to this event, let's delve into some key financial metrics and insights from InvestingPro that may be of interest to shareholders and potential investors.
InvestingPro Data shows that Byrna Technologies holds a market capitalization of approximately $327.53 million, reflecting the company's value as perceived by the market. Despite the company's negative P/E Ratio of -110.62, which suggests that investors are not currently receiving earnings for their investment, the company has shown a robust revenue growth of 23.34% over the last twelve months as of Q2 2024. This growth indicates a positive trajectory in the company's ability to generate sales.
Moreover, Byrna Technologies has demonstrated an impressive gross profit margin of 57.67% in the same period, emphasizing its efficiency in managing production costs relative to its revenue. This could be a signal of strong operational performance and potential for future profitability.
InvestingPro Tips for Byrna Technologies highlight that the company holds more cash than debt on its balance sheet and that analysts anticipate sales growth in the current year. These insights suggest a stable financial position and optimism about the company's revenue prospects.
As of the latest update, Byrna Technologies' stock has experienced a significant return over the last week of 30.28% and an even more remarkable one-month price total return of 83.03%. This volatility in stock price movements is echoed in the InvestingPro Tips, which note that the stock generally trades with high price volatility and that the RSI suggests the stock is in overbought territory.
For those interested in further analysis and tips, InvestingPro provides a comprehensive list of additional insights, including expectations for net income growth this year and predictions that the company will be profitable. There are 19 additional InvestingPro Tips available, which can be accessed for Byrna Technologies at https://www.investing.com/pro/BYRN. These tips could be invaluable for investors seeking a deeper understanding of the company's financial health and market position.
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