A-Mark Precious Metals, Inc. (NASDAQ:AMRK) Director Michael R. Wittmeyer has sold a significant portion of his stock in the company, according to a recent SEC filing. The transactions, which took place on May 10, 2024, involved the sale of a total of 44,585 shares of common stock, resulting in proceeds of over $1.7 million.
The shares were sold in multiple transactions at varying prices. The weighted average sales price for a portion of the shares was $37.8079, with individual sales prices ranging from $37.50 to $38.26. Another set of shares were sold at an average price of $38.6803, with the range being $38.50 to $39.15. The highest average price reached in these series of transactions was $40.66, with sales prices between $40.25 and $41.10.
The reported sales represent a notable change in Wittmeyer's holdings in A-Mark Precious Metals, although he still owns a substantial number of shares following the transactions. The SEC filing detailed that after the sales, Wittmeyer's direct ownership in the company stood at 350,432 shares.
Investors often monitor insider transactions as they can provide insights into an insider’s perspective on the value of the company’s stock. While the reasons behind Wittmeyer's decision to sell are not disclosed in the SEC filing, the disclosed transactions are part of the public record for shareholders and potential investors to consider.
A-Mark Precious Metals, headquartered in El Segundo, California, is a major distributor of precious metals, including gold, silver, and platinum. The company serves a wide range of customers, from collectors and investors to global financial institutions.
The filing with the Securities and Exchange Commission was signed on behalf of Wittmeyer by Carol Meltzer, by power of attorney, and was dated May 13, 2024.
InvestingPro Insights
As A-Mark Precious Metals, Inc. (NASDAQ:AMRK) sees significant insider stock sales by Director Michael R. Wittmeyer, investors are keen to understand the company's current financial health and future outlook. According to recent data from InvestingPro, A-Mark Precious Metals has a market capitalization of approximately $854.66 million, with a Price to Earnings (P/E) ratio of 10.91, which adjusts to 10.49 when considering the last twelve months as of Q3 2024. This valuation metric suggests that the stock may be reasonably valued in relation to the company’s earnings.
The company's revenue has grown by 24.66% over the last twelve months as of Q3 2024, indicating a solid performance in generating sales. Despite challenges in maintaining higher gross profit margins, as highlighted by an InvestingPro Tip, A-Mark Precious Metals has managed to maintain a gross profit margin of 2.03% during the same period. Additionally, the company has experienced a substantial price uptick, with a 6-month price total return of 52.17% as of the date provided.
InvestingPro Tips also note that A-Mark Precious Metals' stock price often moves in the opposite direction of the market, which may be of interest to investors looking for a hedge or diversification in their portfolio. Despite a recent dip in the stock's price, with a 1-week total return of -9.72%, the company has shown strong returns over the last three months, with a 43.68% total return in that period.
For those interested in exploring further insights and analysis, InvestingPro offers additional tips on A-Mark Precious Metals. There are 11 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/AMRK. To enrich your investment decisions, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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