Angi Inc. CTO sells shares worth over $23,000 By Investing.com

Angi Inc.’s (NASDAQ:ANGI) Chief Technology Officer, Kulesh Shanmugasundaram, sold a total of 11,748 shares of the company’s stock, realizing more than $23,000 from the sale. The transaction, which took place on June 3, 2024, was executed at a weighted average price of $2.01 per share, with individual sale prices ranging from $1.98 to $2.07.

This sale is part of a prearranged trading plan under Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. Such plans are often used by corporate executives to avoid any potential accusations of insider trading.

Following the sale, Shanmugasundaram’s direct ownership in Angi Inc. stands at 148,758 shares of Class A Common Stock. The sale represents a partial divestment of his holdings in the company, which provides digital marketplace services connecting consumers with service professionals for home improvement, repair, and maintenance projects.

Investors and market watchers often pay close attention to insider transactions as they can provide insights into an insider’s view of the company’s future prospects. However, it is also common for executives to sell shares for reasons that may not necessarily relate to the company’s performance, such as diversifying their investment portfolio or financing personal expenditures.

Angi Inc. has not made any official statement regarding the transaction, and it remains part of the regular financial disclosures required by company insiders.

InvestingPro Insights

As Angi Inc. (NASDAQ:ANGI) navigates through market challenges, interesting insights emerge from InvestingPro data and tips that could help investors gauge the company’s current financial health and future prospects. With a market capitalization of $1.01 billion, Angi’s financial performance reflects some of the volatility that the company has been experiencing. The stock’s price movements have been notably volatile, with a 25.19% decline over the last three months, which aligns with the recent insider sale conducted by the company’s Chief Technology Officer.

Analyzing the company’s financial metrics, Angi’s revenue for the last twelve months as of Q1 2024 stood at $1.308 billion, with a concerning year-over-year decline of 22.28%. Despite this, the company’s gross profit margin remains high at 95.59%, indicating a strong ability to control the cost of goods sold relative to revenue. However, the company’s P/E ratio is negative at -37.04, reflecting market skepticism about its earnings potential. This is further substantiated by the fact that Angi has not been profitable over the last twelve months, with analysts predicting a potential turnaround in profitability this year.

From an operational standpoint, the InvestingPro Tips highlight that Angi’s liquid assets exceed its short-term obligations, suggesting a solid liquidity position. Additionally, the company operates with a moderate level of debt, which could provide some flexibility in managing its finances amid sales declines. With these mixed signals, investors may want to delve deeper into Angi’s performance and outlook.

To gain a more comprehensive understanding of Angi’s financial trajectory, investors can explore the additional 9 InvestingPro Tips available at https://www.investing.com/pro/ANGI. These tips may offer valuable perspectives on the company’s expected net income growth, sales trends, and stock performance. For those interested in a detailed analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where you can access these tips and more.

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