Adam Stedham, CEO and President of VerifyMe, Inc. (NASDAQ:VRME), has recently increased his stake in the company by purchasing additional shares. According to InvestingPro data, this insider purchase comes as the stock trades near oversold territory, with shares down over 60% in the past six months. According to a recent SEC filing, Stedham acquired a total of 8,000 shares of common stock over two days, with transaction prices ranging from $0.60 to $0.62 per share. The total value of these transactions amounts to $4,900. Following these purchases, Stedham's direct ownership in VerifyMe stands at 229,004 shares. The company, currently valued at $6.33 million, appears undervalued according to InvestingPro Fair Value metrics, with analyst price targets ranging from $1.50 to $3.00 per share. InvestingPro subscribers have access to 12 additional investment tips and a comprehensive Pro Research Report for VRME, along with detailed analysis of 1,400+ other US stocks.
In other recent news, VerifyMe, Inc. extended its share repurchase program until December 31, 2025, allowing the company to repurchase up to $500,000 of its common stock. This decision is part of the company's broader strategy to deliver shareholder value and invest in growth initiatives. On the financial front, VerifyMe reported mixed results for the third quarter of 2024, with a decrease in revenue to $5.4 million and a net loss of $2.4 million. The company's Authentication segment underperformed, leading to a strategic reevaluation and potential exit from the segment.
In contrast, the Precision Logistics business saw a 6% increase in proactive services customers. The company is considering a strategic shift, including an exit from its Amazon (NASDAQ:AMZN) Transparency partnership, to focus on more profitable areas within the Authentication segment, such as ink products. These developments come as VerifyMe aims to achieve adjusted EBITDA positivity by 2025, focusing on operational enhancements in Precision Logistics to improve shareholder value. Investors can expect a detailed discussion on the company's strategies for 2025 in the upcoming Q4 earnings call. The company's forward-looking statements are subject to various risks and uncertainties that could affect actual outcomes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.