NVE Corp (NASDAQ:NVEC) director, Terrence Glarner, has completed a sale of company shares on August 15, according to a recent SEC filing. The transaction involved 344 shares sold at a price of $78.71 each, totaling approximately $27,076. This sale follows a recent acquisition of the same number of shares on August 13, where Glarner purchased shares at $79.8 each, amounting to a total of $27,451.
The sequence of transactions began with Glarner exercising options for 344 shares of NVE Corp's common stock. These shares were subsequently sold, with the transactions reflecting a slight decrease in the selling price compared to the purchase price. It's noteworthy that the purchase of shares by Glarner increased his holdings to 1,544 shares, but with the recent sale, his stake in the company now stands at 1,200 shares.
In addition to the common stock transactions, Glarner was involved in a derivative transaction where he exercised options for 1,000 shares of NVE Corp's non-qualified stock options, noted as a cashless net option exercise. Following this exercise, Glarner's total holdings in the company amounted to 6,000 shares.
Investors often monitor insider transactions like these for insights into a company's performance and the confidence that executives and directors have in the business's prospects. While the reasons behind Glarner's buy and sell actions remain undisclosed, the disclosed information offers a transparent view of his recent trading activities in the company's stock.
NVE Corp, headquartered in Eden Prairie, Minnesota, operates in the semiconductor and related devices industry. The company's stock is publicly traded, and these transactions are part of the routine disclosures required by corporate insiders.
In other recent news, NVE Corporation has reported strong earnings and cash flow for the quarter ending June 30th, 2024, despite a 23% drop in year-over-year revenue amid challenges in the semiconductor industry. The company's gross margin percentage increased to 86%, attributed to a shift towards profitable products and an uptick in direct sales. However, net income saw a 7% decline, while operating cash flow experienced a 16% rise.
These developments come as NVE Corporation plans significant capital investment for capacity expansion and in-house wafer-level chip scale packages manufacturing. Additionally, new products targeting medical and industrial markets are expected to start production later this fiscal year. The company has also received incentives from the Minnesota Investment Fund and a no-interest loan for new production equipment.
Looking ahead, NVE Corporation anticipates a recovery in the semiconductor industry in 2024 and significant growth in 2025. The company is also exploring prospects for new revenue orders with strong indications from existing and potential customers. Furthermore, partnerships with Abbott and other medical device companies signal confidence in the market. Despite these positive developments, it's important to note that no direct purchase orders have been confirmed yet.
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