ROCK HILL, SC—Charles W. Hull, the Executive Vice President and Chief Technology Officer of 3D Systems Corp (NYSE:DDD), recently sold a significant portion of his shares in the company. The transaction comes as InvestingPro data shows the stock has demonstrated significant volatility, with a beta of 1.65 and a strong return of nearly 13% over the past week. According to a filing with the Securities and Exchange Commission, Hull sold 115,971 shares of common stock on December 17, 2024, at an average price of $3.86, totaling approximately $447,648. This transaction was executed through a trust. Based on InvestingPro analysis, the company currently appears undervalued, with a market capitalization of $485 million and maintaining a healthy current ratio of 3.31.
Following the sale, Hull retains ownership of 331,955 shares indirectly and 124,134 shares directly. The sale was conducted at prices ranging from $3.80 to $3.95, as noted in the filing's footnotes. Hull's role as both a director and officer of 3D Systems underscores the significance of this transaction for investors monitoring insider activities. For comprehensive insider trading analysis and 12 additional ProTips, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, 3D Systems reported a decrease in third-quarter revenue for 2024, standing at $112.9 million, a 9% year-over-year decline. This drop was attributed to macroeconomic and geopolitical challenges impacting capital expenditure across industries. Despite this, the company's healthcare segment saw growth, particularly in dental and personalized healthcare.
Lake Street Capital Markets maintained a Buy rating for 3D Systems, with a steady price target of $4.00. The firm's outlook remains positive, citing the beneficial tailwinds for additive manufacturing. The financial firm anticipates that the tailwinds in additive manufacturing will continue to support the sector, despite the current headwinds faced by the broader economy.
The company's industrial segment revenue fell by 19%, while healthcare segment revenue grew by 5%. The company's non-GAAP gross margin stood at 37.6%, and the adjusted EBITDA was reported as negative $14.3 million. However, 3D Systems still holds a strong cash reserve with $190 million in cash and cash equivalents.
These are recent developments for 3D Systems, who introduced nearly 40 new products, including materials, software, and printing platforms. The company also expanded in healthcare with new FDA clearances and growth in AI-driven applications. The company is anticipating a modest recovery in the latter half of 2024 and has set its full-year revenue targets between $440-$450 million.
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