🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Angi Inc. CTO sells shares worth over $30,000

Published 04/02/2024, 05:05 PM

Angi Inc. (NASDAQ:ANGI), a leader in digital home services, has reported that its Chief Technology Officer, Kulesh Shanmugasundaram, sold 11,748 shares of the company's Class A Common Stock. The transaction, which took place on April 1, 2024, amounted to a total of $30,309, with the weighted average sales price per share ranging from $2.57 to $2.63.

This sale was executed under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stocks at a future date. This can provide a defense against potential insider trading accusations, as the trades are planned when the insider does not have any material non-public information.

Shanmugasundaram's transaction was disclosed in a filing with the Securities and Exchange Commission (SEC) on April 2, 2024. Following the sale, the CTO still holds a significant stake in the company, with 166,034 shares of Angi Inc. remaining in his possession.

Investors often monitor insider transactions as they can provide insights into an executive’s view of the company's stock value and future performance. However, it's important to note that there can be many reasons for an insider to sell shares, and such transactions do not necessarily indicate a lack of confidence in the company.

Angi Inc. has not made any official statement regarding the transaction, and it remains to be seen how this will impact the company's stock performance in the future.

InvestingPro Insights

As Angi Inc. (NASDAQ:ANGI) navigates the complexities of the digital home services market, the recent insider transaction by the CTO has brought the company into the spotlight. Investors seeking a deeper understanding of ANGI's financial health and future prospects can look to the latest metrics from InvestingPro.

The company's market capitalization stands at $1.24 billion USD, indicating its size and significance in the sector. Despite a challenging period, with revenue experiencing a decline of 22.99% in the last twelve months as of Q1 2023, Angi's gross profit margin remains impressively high at 95.43%. This suggests that while the company's sales have decreased, it maintains a strong ability to control the cost of goods sold and generate profit on each dollar of revenue.

Investors should note the volatility in the stock's price, with a 31.63% increase over the past six months, yet a 11.64% decrease in the last month. This could indicate a market reaction to recent events or broader sector trends. Moreover, Angi's liquidity position is robust, with liquid assets surpassing short-term obligations, which may provide some reassurance to investors concerned about the company's immediate financial obligations.

Two InvestingPro Tips that may be of interest to those following ANGI closely are: firstly, analysts are optimistic about the company's potential to turn a profit this year, and secondly, Angi operates with a moderate level of debt. These insights suggest a potential for growth and a manageable debt situation that could be attractive to investors seeking opportunities in the tech sector.

For those looking for more comprehensive analysis and additional InvestingPro Tips, Angi Inc. has a total of 8 tips available, which can be found at: https://www.investing.com/pro/ANGI. To access these insights and benefit from an in-depth investment toolkit, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.