FREMONT, Calif.—Charlie Bass, a director and ten-percent owner of Socket Mobile, Inc. (NASDAQ:SCKT), recently acquired shares of the company's common stock valued at approximately $11,673. According to a recent SEC filing, Bass bought a total of 10,000 shares over two days, with purchase prices ranging from $1.1655 to $1.1692 per share. Following these transactions, Bass now holds 1,506,651 shares in the company.
The transactions, which occurred on November 4 and November 5, reflect Bass's continued investment in Socket Mobile, a company known for its electronic computing solutions.
In other recent news, Socket Mobile has disclosed its Q3 financial results, revealing a mixed performance amid challenging market conditions. The company reported a 21% increase in revenue to $3.9 million, compared to the same quarter last year. However, it also experienced an operating loss of $1 million and an EBITDA-negative of approximately $500,000. Despite initial weak bookings in July, the company saw stronger performance in August and September, resulting in a significant backlog entering Q4.
The company's industrial products have received positive feedback and are currently under evaluation by large organizations. Socket Mobile's CEO, Kevin Mills, expressed confidence in the company's path to profitability by 2025, largely due to investments in new product areas. The company's transition into a more comprehensive hardware and software data capture company, along with the introduction of new products such as XtremeScan and SocketCam, are expected to extend its market reach and diversify its revenue sources. These are just some of the recent developments concerning Socket Mobile.
InvestingPro Insights
Charlie Bass's recent acquisition of Socket Mobile shares aligns with some interesting financial metrics and trends revealed by InvestingPro data. The company's stock is currently trading at a low Price / Book multiple of 0.48, which could indicate that the stock is undervalued relative to its assets. This might explain Bass's decision to increase his stake in the company.
However, Socket Mobile faces some challenges. According to InvestingPro Tips, the company is not profitable over the last twelve months, with a negative operating income of $2.53 million for the same period. This is reflected in the company's P/E ratio of -6.45, suggesting that investors are paying for each dollar of losses rather than earnings.
On a more positive note, Socket Mobile has shown a strong return over the last three months, with a price total return of 14.23% during this period. This recent performance might have influenced Bass's decision to acquire more shares.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips for Socket Mobile, providing a deeper understanding of the company's financial health and market position. These insights could be valuable for those considering following Bass's lead in investing in Socket Mobile.
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