In a recent transaction, Stanton K. Rideout, the Executive Vice President and Chief Financial Officer of Hycroft Mining Holding Corp (NASDAQ:HYMC), sold a total of 6,038 shares of the company's Class A Common Stock. The shares were sold in two separate transactions, with prices ranging from $2.16 to $3.70 per share, amounting to a total value of $20,886.
The first sale occurred on March 25, 2024, where Rideout sold 944 shares at an average price of $2.16. The second sale took place a month later, on April 25, 2024, with 5,094 shares sold at an average price of $3.70. Following these transactions, Rideout's direct ownership in the company stands at 104,516 shares, which includes 66,500 unvested restricted stock units (RSUs) as of the latest sale date.
These sales were reportedly conducted to facilitate the payment of taxes related to vested RSUs that were converted to shares of common stock. The sale prices represent the weighted average sale price of the shares sold.
Additionally, Rideout was awarded RSUs by Hycroft Mining, which are contingent upon his continued employment with the company. A total of 50,000 RSUs were granted, with a vesting schedule that extends through May 2027. These RSUs will convert into shares of common stock upon vesting, subject to trading restrictions in accordance with securities laws and company policies.
Investors may note that all reported transactions and share amounts give effect to a 1-for-10 reverse stock split of Hycroft Mining's common stock, which was executed on November 14, 2023.
InvestingPro Insights
In light of the recent insider transactions at Hycroft Mining Holding Corp (NASDAQ:HYMC), investors might be interested in the company's financial health and market performance. According to InvestingPro data, Hycroft Mining has a market capitalization of $85.24 million USD. The company's Price to Earnings (P/E) ratio stands at -1.26, reflecting its lack of profitability in the near term, which is further emphasized by a negative adjusted P/E ratio over the last twelve months as of Q1 2024 (-1.32).
Despite these challenges, the company has experienced a strong return over the last three months, with a 93.19% price total return, and a positive year-to-date price total return of 50.61% as of the latest data point. This could signal a shift in investor sentiment or market dynamics that may be worth noting for those holding or considering an investment in HYMC shares.
InvestingPro Tips further highlight that Hycroft Mining does not pay a dividend to shareholders and is quickly burning through cash, which could be a concern for long-term investors. Additionally, analysts do not anticipate the company will be profitable this year, which aligns with the negative P/E ratio data.
For those looking to delve deeper into Hycroft Mining's financials and performance metrics, InvestingPro offers a wealth of additional tips, with 10 more insights available on their platform. These insights could provide a more comprehensive understanding of HYMC's financial position and future prospects. To access these insights, visit https://www.investing.com/pro/HYMC and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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