Wag! Group Co. (NYSE:PET) Chief Operating Officer Dylan Allread has recently engaged in trading of the company's stock, according to a new SEC filing. On two separate occasions, Allread sold a total of 7,280 shares of common stock, resulting in over $14,000 in proceeds for the executive.
The transactions, which occurred on March 15 and March 18, saw Allread selling 5,716 shares at a weighted average price between $1.99 and $2.07, and 1,564 shares at a weighted average price ranging from $1.99 to $2.03. The total value of the shares sold at each separate price within these ranges amounted to approximately $14,747.
In addition to the sales, Allread also exercised options to purchase shares of Wag! Group Co. common stock. On March 15, he acquired 5,716 shares at $0.09 per share, and on March 18, another 1,564 shares at the same price, amounting to a total of $655 for the options exercised.
It's important to note that the sales and option exercises reported were conducted under a Rule 10b5-1 trading plan, which Allread had adopted on September 14, 2023. This trading plan allows company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information, providing a defense against allegations of insider trading.
Following these transactions, Allread's holdings in Wag! Group Co. have adjusted, but he continues to have a significant ownership stake in the company. The options exercised by Allread were fully vested as of November 29, 2022, indicating his eligibility to exercise these options since that date.
Investors and followers of Wag! Group Co. often monitor insider trading activity as it can provide insights into executives' perspectives on the company's current valuation and future prospects.
InvestingPro Insights
As Wag! Group Co. (NYSE:PET) sees insider trading activity, investors are keen to understand the company's financial health and market position. According to InvestingPro data, Wag! Group Co. boasts a market capitalization of $80.06 million with a significant revenue growth of 52.95% over the last twelve months as of Q4 2023. This growth is further highlighted by a quarterly revenue increase of 27.22% in Q4 2023.
Despite the company's impressive gross profit margin of 76.47%, InvestingPro Tips suggest that analysts are not expecting Wag! Group Co. to be profitable this year. Moreover, the company operates with moderate levels of debt and has not been profitable over the last twelve months. However, it's worth noting that the company's liquid assets surpass its short-term obligations, indicating a level of financial stability.
The stock's volatility is also a point of interest, with the price experiencing a strong return of 17.92% over the last three months. Yet, the company's shares are currently trading at a high Price / Book multiple of 48.88, which could suggest that the stock is priced optimistically relative to its book value.
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