FiscalNote Holdings, Inc. (NYSE:NOTE) CEO Tim Hwang has sold a portion of his company shares, according to a recent filing. On April 1, Hwang, who also serves as the Chairman and Director, disposed of 31,431 shares of Class A Common Stock at a price of $1.1897 per share, totaling approximately $37,393.
The sale was conducted to satisfy the reporting person's tax obligations upon the vesting of restricted stock units, as part of a sell-to-cover transaction under a pre-arranged Rule 10b5-1 trading plan, which was adopted on August 11, 2023.
Following this transaction, Hwang still maintains a significant stake in FiscalNote, with direct ownership of 49,318 shares and indirect ownership of 2,777,568 shares through the Timothy T. Hwang Revocable Trust, of which he is the trustee.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects. This recent sale by FiscalNote's CEO represents a small fraction of his overall holdings in the company, indicating his continued vested interest in the firm's success.
InvestingPro Insights
FiscalNote Holdings, Inc. (NYSE:NOTE) has been navigating challenging financial waters, as reflected in the real-time data and InvestingPro Tips. The company's market capitalization stands at a modest $155.9 million, and it is operating with a significant debt burden, which may pose difficulties in making interest payments on its debt.
The InvestingPro Tips suggest that FiscalNote's stock has experienced a notable decline over the last week, with a 1-week price total return of -9.85%. Additionally, the stock has fared poorly over the last month, as indicated by a 1-month price total return of -33.15%. This recent sale by CEO Tim Hwang could be seen in the context of the stock's recent performance, although it represents a routine sell-to-cover transaction.
Despite these challenges, the company boasts an impressive gross profit margin of 69.66% for the last twelve months as of Q4 2023. However, it's important to note that the company is not expected to be profitable this year, and it has not been profitable over the last twelve months, with an operating income margin of -49.81%.
For readers looking to dive deeper into FiscalNote's financial health and stock performance, there are additional InvestingPro Tips available at https://www.investing.com/pro/NOTE. Use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a comprehensive list of 13 additional InvestingPro Tips that can provide further insights into the company's financial position and stock behavior.
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