In a recent transaction, director Howell Robin Robinson of Gray Television Inc . (NYSE:GTN) made a significant purchase of company stock. On March 28, 2024, Robinson acquired 10,000 shares at a weighted average price ranging from a minimum of $7.9633 to a maximum of $8.4479 per share, amounting to a total investment of $80,934.
This purchase comes as a noteworthy move by a member of Gray Television's board, indicating a potential confidence in the company's future performance. The transaction details were disclosed in a regulatory filing with the Securities and Exchange Commission.
Following this acquisition, the total number of shares owned by Robinson in Gray Television is 2,982,386, held indirectly through a spouse. The filing also updated holdings under a 401(k) plan to reflect the current balance.
Investors often keep a close eye on insider transactions such as these, as they can provide insights into the company's health and the sentiments of its top executives and directors. Gray Television, with its established presence in the broadcasting industry, continues to be a subject of interest in the market.
Gray Television's stock has been publicly traded, and investors can follow its performance under the ticker symbol NYSE:GTN. The recent insider activity may prompt investors to watch the company's stock more closely in the coming days.
InvestingPro Insights
Amidst the insider stock purchase by director Howell Robin Robinson, Gray Television Inc. (NYSE:GTN) presents some intriguing data points and expert analysis that could help investors gauge the company's current market standing. According to InvestingPro, Gray Television is trading at a low Price / Book multiple of 0.31, which may suggest the stock is undervalued relative to its book value as of the last twelve months ending Q4 2023.
The company has experienced challenges, as reflected by a negative revenue growth of -10.75% during the same period. However, the net income is expected to grow this year, which could signal a turnaround for Gray Television. An InvestingPro Tip also notes that the company's liquid assets exceed its short-term obligations, indicating a strong liquidity position that may reassure investors of the company's ability to meet its short-term liabilities.
Investors considering Gray Television as a potential addition to their portfolio might find the following InvestingPro Data points particularly relevant:
- Market Cap (Adjusted): $597.14M USD
- P/E Ratio (Adjusted) for the last twelve months as of Q4 2023: -70.27
- Gross Profit Margin for the last twelve months as of Q4 2023: 27.4%
For those looking to delve deeper into Gray Television's financials and future prospects, InvestingPro offers additional tips and insights. Currently, there are 7 more InvestingPro Tips available for GTN, which can be accessed at https://www.investing.com/pro/GTN. To enhance your InvestingPro experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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