Byrna Technologies CEO sells shares worth over $368k By Investing.com

Byrna Technologies Inc. (NASDAQ:BYRN) has reported a significant transaction by its President and CEO, Bryan Ganz. In a recent move, Ganz sold a total of 22,558 shares of common stock in the company. The sale, executed on September 5th, was carried out at a weighted average price of $16.3301 per share, resulting in a total value of $368,374.

Investors following insider transactions will note that the sales took place through a series of multiple transactions, with prices ranging from $15.40 to $16.47 per share. These details were provided in the footnotes of the filing, which also mentioned that the transactions were made pursuant to a 10b5-1 trading plan adopted on April 8, 2024.

Following the sale, the SEC filing revealed that Ganz still has an indirect interest in 438,059 shares of Byrna Technologies through Northeast Industrial Partners LLC. Additionally, the report includes disclaimers of beneficial ownership of certain securities, which are held indirectly by Ganz through entities such as the Judith L. Ganz Trust and by his spouse, Li Zhang.

Byrna Technologies, known for its miscellaneous electrical machinery, equipment, and supplies, has not commented on the transaction. The sale comes at a time when insider trading activity is closely monitored by investors for indications of executives’ confidence in their companies’ prospects.

The disclosure of this sale provides transparency into the actions of Byrna Technologies’ top executive and offers investors a glimpse into the financial decisions being made at the highest levels of the company.

In other recent news, Byrna Technologies witnessed robust Q3 sales, prompting B.Riley to raise the stock price target from $20.00 to $25.00 while maintaining a Buy rating. The company reported $20.8 million in Q3 sales, a 194% year-over-year increase, surpassing estimates of $14.1 million. The company’s recent success can be attributed to strong sales across all end markets, notably the direct-to-consumer segment, bolstered by a celebrity endorsement program.

In addition, Byrna Technologies reported a net income of $2.1 million in Q2 2024, a significant increase from the previous year’s net loss. The company’s net revenue also saw a 76% increase, reaching $20.3 million, with gross profit constituting 62% of the net revenue.

Byrna Technologies has also initiated a $10 million stock repurchase program. The program is designed to enhance shareholder value and will be funded through the company’s existing cash balance and operational cash flow.

Furthermore, the company received a Buy rating from Roth/MKM, highlighting Byrna Technologies’ potential in the non-lethal consumer self-defense market. The firm anticipates Byrna Technologies to experience a compound annual growth rate (CAGR) of over 37% in sales.

Lastly, Byrna Technologies announced plans for expansion, including the opening of company-owned retail stores and the establishment of a U.S.-based ammunition production facility. Despite a delay in the launch of a smaller launcher until the second half of 2025, Byrna remains focused on capturing a larger market share within the gun owners demographic.

InvestingPro Insights

As Byrna Technologies Inc. (NASDAQ:BYRN) navigates the market, investors and analysts are keeping a close eye on the company’s financial health and stock performance. According to InvestingPro data, Byrna holds a market capitalization of approximately $360.1 million, indicating its size and influence within its sector. Despite the challenges faced in recent times, the company’s gross profit margin remains impressive at 57.67% for the last twelve months as of Q2 2024, showcasing its ability to maintain profitability in its core operations.

InvestingPro Tips highlight that Byrna Technologies is expected to see net income growth this year, with analysts also anticipating sales growth in the current year. These projections are significant as they suggest potential improvements in the company’s financial outlook and may influence investor sentiment. Additionally, the company’s liquidity position is robust, with liquid assets exceeding short-term obligations, which is an important factor for investors considering the financial stability of the company.

Investors may also find interest in the company’s stock performance, with a notable 349.3% one-year price total return, reflecting a strong market confidence over the past year. This performance is complemented by a substantial year-to-date price total return of 149.61%, highlighting the stock’s recent momentum. For a more comprehensive analysis and additional InvestingPro Tips, such as the company’s cash versus debt position and its price volatility, investors can visit https://www.investing.com/pro/BYRN, where 19 additional tips are available.

These insights and data points offer a deeper understanding of Byrna Technologies’ current financial health and market performance, which may be particularly relevant for investors in light of the recent insider trading activity by the company’s President and CEO.

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