In a recent transaction, Michael Patrick Watts, the Chief Financial Officer of Sonendo, Inc. (NYSE:SONX), sold 10,670 shares of the company's common stock. This sale was conducted to cover tax withholding obligations associated with the vesting of Restricted Stock Units (RSUs) granted to Watts on March 14, 2023.
The shares were sold on March 15, 2024, at a weighted average price of $0.0967, resulting in a total transaction value of approximately $1,031. According to the filing, the shares were sold through multiple transactions at varying prices, ranging from $0.095 to $0.109. Following the sale, Watts continues to hold 528,746 shares of Sonendo, Inc.
It is important to note that the sales were executed as "sell to cover" transactions and were not discretionary sales by Watts. These transactions are typically executed to satisfy tax obligations that arise when RSUs vest and are a common practice among corporate executives.
Investors and shareholders can request detailed information about the exact number of shares sold at each price point within the specified range, as indicated by the footnote in the SEC filing.
Sonendo, Inc., identified by the ticker NYSE:SONX, specializes in dental equipment and supplies and is based in Laguna Hills, California. The company's business address and mailing address are both listed as 26061 Merit Circle, with the business phone number provided as (949) 766-3636.
InvestingPro Insights
The recent sale of shares by Sonendo, Inc.'s CFO, Michael Patrick Watts, corresponds with a period of notable volatility for the company's stock. According to InvestingPro data, Sonendo holds a market capitalization of $7.05 million, reflecting its status as a small-cap company that may experience more pronounced price movements. The company's stock has indeed been highly volatile, with a 1-week price total return showing a significant decline of -38.35%. This is in line with the InvestingPro Tip that Sonendo's stock generally trades with high price volatility.
Moreover, the company's financial health is a mixed picture. While Sonendo has more cash than debt on its balance sheet, which is a positive sign for its liquidity, it is also quickly burning through cash, as noted by another InvestingPro Tip. Additionally, the company's revenue growth has seen a slight increase of 5.3% over the last twelve months as of Q4 2023, but it experienced a quarterly decline of -4.4% in Q1 2023. This aligns with analysts' anticipation of a sales decline in the current year, and they do not expect the company to be profitable this year.
For investors seeking a deeper dive into Sonendo's financials and stock performance, there are additional InvestingPro Tips available. In total, there are 14 InvestingPro Tips that can provide further insights into the company's financial health and stock movement. These tips can be accessed by visiting the InvestingPro page for Sonendo at https://www.investing.com/pro/SONX. For those interested in a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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