BROOKFIELD, CT—Lee Kang Jyh, Chief Executive Officer of Photronics Inc. (NASDAQ:PLAB), a $1.55 billion market cap company, has sold 10,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $25.02, amounting to a total transaction value of $250,200. According to InvestingPro analysis, the company maintains strong financial health with a "GREAT" overall rating and appears undervalued at current levels.
Following this sale, Lee Kang Jyh retains ownership of 580,850 shares in Photronics. The transaction was executed on January 6, 2025, and was disclosed in a Form 4 filing submitted to the SEC on January 7, 2025.
The sale was conducted in multiple trades, with the reported price reflecting the weighted average sale price. Further details regarding the individual trades and prices are available upon request to the SEC staff, the issuer, or a security holder of Photronics.
In other recent news, Photronics Inc. has made significant strides in its operations. The company recently expanded its board of directors with the appointment of David Garcia, a seasoned legal expert with over 30 years of experience. Garcia's expertise in mergers and acquisitions, venture capital financing, and securities offerings is expected to aid Photronics in its business development opportunities.
In terms of financial performance, Photronics reported its third-quarter earnings for 2024, revealing an EPS of $0.51, slightly below the anticipated $0.52, and revenue of $211 million. Despite this slight miss, the company's financial stability was underscored by robust cash reserves and a low debt profile.
On the analyst front, DA Davidson has raised its target for Photronics to $35, citing a promising investment year outlook for 2025. Despite acknowledging near-term challenges in various end markets and geopolitical uncertainties, DA Davidson maintains a long-term bullish perspective on Photronics' prospects.
For the fourth quarter, Photronics has provided a revenue guidance of $213-$221 million and a non-GAAP EPS range of $0.51-$0.54. The company is keen on expanding its IC capacity and exploring strategic expansion options in the U.S., Europe, and Asia. These are the recent developments in the company's operations and financial performance.
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