OppFi Inc. (NYSE:OPFI) director Jocelyn Moore has recently sold a significant portion of her stock in the company. On June 10, 2024, Moore sold 32,488 shares of Class A Common Stock at a weighted average price of $3.1417 per share, totaling over $102,067. This transaction was carried out under a pre-arranged trading plan, which Moore had adopted on November 16, 2023.
The shares were sold in multiple transactions at prices ranging from $3.045 to $3.30, according to a footnote in the SEC filing. The plan, known as a Rule 10b5-1 trading plan, allows company insiders to sell a predetermined number of shares at a predetermined time, providing a legal defense against potential accusations of trading on insider information.
Following this sale, Moore continues to hold 72,893 shares of OppFi Inc., which offers financial services and is headquartered in Chicago, Illinois. The company, formerly known as FG New America Acquisition Corp., has undergone a name change since its inception.
Investors and market watchers often look to insider sales as a signal of an executive's confidence in the company's prospects. However, it's important to note that trading plans like Moore's are typically set up well in advance and may not necessarily be indicative of an insider's current view of the company's future performance.
OppFi has not issued any statements regarding the transaction, and the sale remains a matter of public record through the SEC filing. Shareholders and potential investors in OppFi Inc. can request more detailed information about the transactions if needed.
In other recent news, OppFi Inc. has exceeded its Q1 forecasts and updated its full-year outlook. The company reported a 5.8% increase in total revenue, reaching $127.3 million. Additionally, OppFi noted a substantial 33.5% rise in recoveries and a 1.1 percentage point enhancement in net charge-off rates, indicating improved credit performance and operational efficiency. The company's adjusted net income reached $8.8 million, with earnings per share rising to $0.10. As part of the recent developments, OppFi also increased its full-year revenue guidance to between $510 million and $530 million. The company's CEO, Todd Schwartz, highlighted growth through partnerships, acquisitions, and geographic expansion. However, the firm expects core inflation to remain high, potentially impacting consumer spending and borrowing. Despite this, confidence in credit performance data and historical trends is fueling expansion plans.
InvestingPro Insights
As OppFi Inc. (NYSE:OPFI) experiences insider stock transactions, investors may seek additional data to understand the company's financial health and future prospects. According to InvestingPro, OppFi's net income is expected to grow this year, which could be a positive sign for investors looking at the company's potential profitability. Additionally, analysts predict the company will be profitable this year, which may be reflected in the company's stock performance.
InvestingPro Data shows a market capitalization of $361.59 million, a moderate P/E ratio of 13.5, and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 15.21. These metrics suggest a reasonable valuation relative to earnings. Furthermore, the company's revenue growth for the same period stands at an impressive 26.11%, indicating a solid top-line expansion.
Investors should also note that OppFi trades with high price volatility, as highlighted by one of the InvestingPro Tips. This could imply the potential for significant price swings, which may be of interest to those with a higher risk tolerance. Moreover, the company's strong return over the last three months, with a price total return of 33.73%, showcases recent positive momentum in its stock price.
For those seeking deeper insights, there are additional InvestingPro Tips available on OppFi, which can provide further guidance on the stock's performance and valuation. Interested readers can explore these tips and take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Overall, OppFi's financial data and the insights from InvestingPro Tips suggest a company with growing revenue and potential profitability, paired with a volatile yet recently rewarding stock performance. These factors may influence investor sentiment and decision-making in light of recent insider trading activities.
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