Angi Inc. CTO sells over $22k in company stock By Investing.com

Angi Inc. (NASDAQ:ANGI), a leader in digital home services, reported that its Chief Technology Officer, Kulesh Shanmugasundaram, sold 11,748 shares of company stock on July 1, 2024. The transaction, conducted under a prearranged 10b5-1 trading plan, totaled approximately $22,321 at an average price of $1.90 per share.

The sale was made at weighted average prices ranging from $1.87 to $1.98, as detailed in a footnote of the SEC filing. Shanmugasundaram’s transaction reflects a strategic stock sale and not necessarily a direct reflection of the company’s current performance or future prospects.

Following the sale, Shanmugasundaram still owns a substantial number of shares in the company, specifically 137,010 shares of Class A Common Stock, ensuring his continued vested interest in Angi Inc.’s success.

Investors and market watchers often look to insider selling as a signal of leadership’s confidence in the company’s trajectory. However, transactions under Rule 10b5-1 plans are scheduled in advance to avoid any potential misuse of material non-public information, thereby providing a systematic approach to stock sales by insiders.

Angi Inc., formerly known as ANGI Homeservices (NASDAQ:) Inc., has undergone significant changes in recent years, including a rebranding from its previous identity as Halo TopCo, Inc. The company’s shares are publicly traded and can be followed under the ticker symbol NASDAQ:ANGI.

In other recent news, ANGI HomeServices has been the subject of significant attention from KeyBanc Capital Markets, which recently raised its price target for the company’s stock to $3.29. This change reflects confidence in ANGI’s ongoing turnaround efforts, particularly the strategies being implemented by new CEO Jeff Kip. Kip is applying tactics from ANGI International to the U.S. market, with the intention of replicating the international segment’s growth trajectory.

Further developments include a strategic partnership between IAC and Angi Inc. with OpenAI, which involves financial compensation for enhancing ChatGPT and co-developing the D/Cipher ad solution. The company expects revenue declines similar to the last two quarters but remains confident in achieving the targeted adjusted EBITDA of $120 million to $150 million for the year.

IAC and Angi Inc. are also navigating changing traffic sources, integrating AI in their operations, and have closed CraftJack, an unprofitable acquisition. Despite these changes and the expected revenue declines, the company maintains its confidence in the high adjusted EBITDA target. These recent developments indicate a period of strategic shifts and restructuring for ANGI HomeServices.

InvestingPro Insights

As Angi Inc. (NASDAQ:ANGI) navigates through the evolving digital home services landscape, real-time metrics and expert analysis from InvestingPro offer a deeper look into the company’s financial health and market position. With a market capitalization of $928.22 million, Angi currently operates with a negative P/E ratio of -34.44, reflecting investor sentiment about its past earnings and potential future profitability.

The company’s revenue has experienced a decline over the last twelve months as of Q1 2024, with a reported -22.28% change, indicating challenges in sales growth. However, Angi’s gross profit margin remains high at 95.59%, suggesting that despite falling revenues, the company maintains a strong control over its cost of goods sold.

InvestingPro Tips highlight that Angi is expected to see net income growth this year, which could signal a turnaround from the previous period. Additionally, while the company does not pay dividends, analysts are optimistic about its profitability in the current year. Moreover, Angi’s liquid assets are reported to exceed its short-term obligations, providing it with a cushion to manage its financial commitments effectively. For investors considering Angi’s stock, these insights could be crucial in making an informed decision.

For those interested in a more comprehensive analysis, InvestingPro offers additional insights on Angi Inc., including a total of 9 InvestingPro Tips. To explore these tips and gain further understanding of Angi’s financial standing and future prospects, visit https://www.investing.com/pro/ANGI. Remember to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

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