TUCSON, Ariz.— Mister Car Wash , Inc. (NYSE:MCW) Chief Financial Officer Jedidiah Marc Gold recently sold a significant portion of his holdings in the company, according to a filing with the Securities and Exchange Commission. On October 31 and November 4, Gold sold a total of 146,819 shares of common stock, with prices ranging from $7.54 to $8.00 per share, amounting to approximately $1.11 million.
The transactions also included the acquisition of 146,819 shares through stock options, exercised at a price of $2.12 per share, totaling $311,256. Following these transactions, Gold's direct ownership of Mister Car Wash shares stands at 44,854 shares.
These transactions were conducted under a pre-arranged trading plan, as indicated in the filing.
In other recent news, Mister Car Wash reported robust Q3 results, demonstrating steady growth and an optimistic outlook. The company's sales increased by 7%, reaching $249 million, and comparable store sales rose by 2.9%. Adjusted EBITDA also saw a significant 10% growth, hitting $79 million. In addition, the company's Titanium membership and subscription model continued to perform well, contributing to a 9% increase in Express revenue per member.
Despite recent hurricanes impacting the business, Mister Car Wash has revised its full-year guidance upward, indicating a strong confidence in its market position. The company plans to open approximately 40 new stores in the coming year, even with a reduction in capital expenditures. Full-year revenue guidance is now set between $988 million and $995 million, with an adjusted EBITDA guidance of $313 million to $318 million.
These recent developments reflect the company's resilience and strategic growth, overcoming challenges posed by weather events and retail market conditions. The success of its Titanium membership and the strength of its subscription model, which accounts for 74% of wash sales, positions the company well for future expansion. The increased marketing efforts planned for Q4 and the upward revision of the full-year guidance signal a confident outlook for the remainder of the year and into 2025.
InvestingPro Insights
Recent financial data from InvestingPro sheds additional light on Mister Car Wash's current market position and performance. The company's market capitalization stands at $2.57 billion, reflecting its significant presence in the car wash industry. Mister Car Wash has demonstrated strong financial performance, with revenue reaching $973.7 million in the last twelve months as of Q3 2023, representing a 6.85% growth rate.
InvestingPro Tips highlight that Mister Car Wash has seen a significant return over the last week, with the stock price increasing by 22.53%. This recent surge aligns with the timing of CFO Jedidiah Marc Gold's stock transactions. Additionally, the company's profitability is noteworthy, with an InvestingPro Tip indicating that Mister Car Wash has been profitable over the last twelve months.
However, investors should be aware that the stock is currently trading at a high earnings multiple, with a P/E ratio of 34.42. This valuation metric suggests that market expectations for future growth are substantial, which may be influenced by the company's recent performance and insider transactions.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Mister Car Wash, providing deeper insights into the company's financial health and market position.
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