Sonendo, Inc. (NYSE:SONX) has reported a recent transaction involving its Chief Talent Officer, Roy T. Chen, who sold shares in the company. The sale, which took place on March 15, 2024, involved 5,359 shares of common stock at an average price of $0.0967, totaling approximately $518.
The transaction was executed in a series of trades with prices ranging from $0.095 to $0.109 per share. This price variation reflects the weighted average of the shares sold during the transaction period. Chen's sale was not a discretionary move but was carried out to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs) granted to him on March 14, 2023. These "sell to cover" transactions are a common practice for handling tax liabilities that arise when equity awards vest.
Following the sale, Chen still holds a substantial number of shares in the company, with 245,686 shares of Sonendo's common stock remaining in his possession. This indicates a continued vested interest in the company's performance and alignment with shareholder value.
Sonendo, based in Laguna Hills, California, operates in the dental equipment and supplies sector under the industrial classification code 3843. The company, formerly known as Dentatek Corp, is incorporated in Delaware and has a fiscal year-end on December 31.
Investors and stakeholders can request more detailed information about the specific prices at which each share was sold within the reported range directly from the reporting person, Roy T. Chen, or Sonendo, Inc.
InvestingPro Insights
In light of the recent share sale by Sonendo, Inc.'s Chief Talent Officer, Roy T. Chen, it's important for investors to consider the company's financial health and market performance. According to InvestingPro data, Sonendo currently holds a market capitalization of $7.05 million, which is relatively small, indicating that the company may be more susceptible to market volatility. This is reflected in the stock's recent performance, with a significant price total return decrease of 94.71% over the past year.
Despite the challenges, Sonendo's revenue shows a modest growth of 5.3% over the last twelve months as of Q1 2023. However, it's important to note that analysts anticipate a sales decline in the current year, which could impact the company's future performance. Moreover, Sonendo is trading at a low revenue valuation multiple, which might be seen as an opportunity for investors looking for undervalued stocks.
Two InvestingPro Tips that are particularly relevant to the article are:
- Sonendo is quickly burning through its cash, which is a critical consideration for potential investors assessing the company's sustainability and long-term growth prospects.
- The stock has taken a significant hit over the last week, month, and six months, highlighting the high price volatility that investors have been facing with Sonendo.
For those interested in a deeper analysis, Sonendo has 13 additional InvestingPro Tips available, which could provide further insights into the company's performance and outlook. Investors looking to access these tips and more detailed analytics can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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