RESTON, Va.—Robert Alan Hickey, the Chief Legal Officer of Bowman Consulting Group Ltd. (NASDAQ:BWMN), recently sold a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Hickey sold 1,056 shares of the company's common stock on November 4, 2024, at a price of $22.07 per share, totaling $23,305.
Following this transaction, Hickey retains ownership of 195,832 shares in the company. The sale was made under a pre-established Rule 10b5-1 trading plan, which was adopted on May 17, 2024. This plan allows for the sale of up to 45,000 shares of Bowman's common stock over a period extending from August 19, 2024, through July 2025.
Bowman Consulting Group, based in Reston, Virginia, provides management consulting services, and its stock trades under the ticker symbol BWMN on the NASDAQ exchange.
In other recent news, Bowman Consulting Group Ltd. has made several strategic moves to bolster its infrastructure services and expand its reach. The company recently announced the acquisition of Exeltech Consulting, Inc., a move aimed at enhancing Bowman's service offerings, particularly in transportation and ports, and harbors practices. This acquisition is expected to contribute an annualized net service billing run rate of approximately $7.0 million and is projected to be immediately accretive to Bowman's earnings.
Bowman Consulting has also been awarded several significant contracts. The company secured a $1.2 million contract for well management in Texas and contracts for 13 infrastructure projects across Virginia. Additionally, Bowman has been awarded a contract to enhance safety features along Roosevelt Boulevard in Philadelphia, PA.
The company has also made significant leadership changes, with President Michael Bruen set to retire in 2025. Other recent developments include the expansion of Bowman's share repurchase program from $10 million to $25 million and the acquisition of Element Engineering LLC and FCS Group, both expected to immediately enhance the company's earnings.
Despite disappointing second quarter results, Bowman raised its net revenue guidance to between $382 million and $397 million and reported a 31% year-over-year increase in net service billing backlog for the first quarter of 2024. Analysts from Baird and BofA Securities have maintained a Buy rating for Bowman, even after a price target reduction to $32. These are all recent developments in Bowman Consulting Group Ltd.'s ongoing operations.
InvestingPro Insights
To provide additional context to Robert Alan Hickey's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for Bowman Consulting Group Ltd. (NASDAQ:BWMN).
As of the latest data, Bowman's market capitalization stands at $392.32 million. The company has demonstrated strong revenue growth, with a 26.53% increase in the last twelve months as of Q2 2024, reaching $386.81 million. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year.
Notably, Bowman boasts impressive gross profit margins, with a gross profit of $198.49 million and a margin of 51.32% for the same period. This strength is highlighted as one of the InvestingPro Tips, suggesting the company's ability to maintain pricing power in its consulting services.
Despite these positive indicators, it's worth noting that Bowman's stock price has experienced significant volatility. The company's shares have fallen 34.45% over the last three months and 31.05% over the past six months. This recent downward trend might provide context for why insiders like Mr. Hickey are executing pre-planned stock sales.
Interestingly, while the company was not profitable over the last twelve months, with a negative operating income of $5.41 million, an InvestingPro Tip suggests that analysts predict Bowman will be profitable this year. This potential turnaround could be a factor for investors to watch closely.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond what we've covered here. In fact, there are 5 more InvestingPro Tips available for Bowman Consulting Group, which could provide valuable perspective on the company's financial health and future prospects.
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