Cryoport, Inc. (NASDAQ:CYRX) Chief Financial Officer Robert Stefanovich has recently engaged in transactions involving the company's common stock, as reported in a new filing with the Securities and Exchange Commission.
According to the disclosure, Stefanovich sold a total of 2,154 shares of Cryoport common stock across two separate transactions. On March 11, 2024, he sold 1,119 shares at an average price of $16.3524, and on March 15, 2024, he sold another 1,035 shares at an average price of $15.4322. The total amount realized from these sales was approximately $34,270.
In addition to the sales, the filing also reported acquisitions of shares. On March 9, 2024, Stefanovich acquired 2,666 shares of common stock through the conversion of restricted stock rights upon vesting, at no cost. Similarly, on March 15, 2024, he acquired 5,750 restricted stock rights, which represent a contingent right to receive shares of Cryoport common stock in the future. These rights will vest in four equal annual installments starting from March 15, 2025.
Furthermore, the filing mentioned the acquisition of stock options. Stefanovich was awarded 11,500 stock options (right to buy) on March 15, 2024, with a conversion or exercise price of $16.70. These options are set to vest monthly over a four-year period starting from April 25, 2024, and will expire on March 15, 2031.
The transactions reported in this filing reflect the CFO's trading activity and ownership changes in Cryoport's stock. Following these transactions, Stefanovich's direct ownership in the company includes 129,412 shares of common stock and derivative securities, such as restricted stock rights and stock options, which could potentially convert to additional shares in the future.
Investors often monitor such filings to gain insight into the behavior of a company's executives regarding their stock holdings, as these can sometimes signal their confidence in the company's prospects.
InvestingPro Insights
As Cryoport's Chief Financial Officer adjusts his holdings in the company, investors may consider the broader financial context in which these transactions occur. According to InvestingPro data, Cryoport, Inc. (NASDAQ:CYRX) currently holds a market capitalization of approximately $810.09 million. The company's P/E ratio stands at -7.32, reflecting investor sentiment about its earnings potential. Notably, the adjusted P/E ratio for the last twelve months as of Q4 2023 is even lower at -11.5, suggesting that the market has adjusted its expectations based on recent performance.
InvestingPro Tips indicate that analysts have recently revised their earnings estimates downwards for the upcoming period, which may be a factor for investors to consider. Additionally, while Cryoport operates with a moderate level of debt, analysts do not anticipate the company to be profitable this year. This aligns with the company's negative revenue growth of -1.7% over the last twelve months as of Q4 2023.
On a positive note, Cryoport's liquid assets exceed its short-term obligations, which may provide some financial flexibility in the near term. However, the lack of dividend payments to shareholders and the company's unprofitability over the last twelve months may influence investor decisions. For those looking to delve deeper into Cryoport's financials and future outlook, additional InvestingPro Tips are available, offering a comprehensive analysis of the company's performance and potential. Use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to the full suite of insights that InvestingPro has to offer.
Investors interested in tracking real-time data and obtaining more InvestingPro Tips for Cryoport can visit https://www.investing.com/pro/CYRX. With the volatility noted in the company's stock price movements, these insights could prove particularly valuable. As of now, there are six additional InvestingPro Tips listed for Cryoport, which could help investors make more informed decisions.
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