Photronics CEO Lee Kang Jyh sells $212,887 worth of stock By Investing.com
Lee Kang Jyh, CEO of Photronics Inc. (NASDAQ:), sold part of his stock in the company. According to the latest SEC filing, Lee sold 8,750 shares of common stock on December 20, 2024, at an estimated price of $24.33 per share. These purchases totaled approximately $212,887. The sale comes as Photronics stock has fallen 9% in the past week, although InvestingPro’s analysis shows the company maintains a “GREAT” financial health result, supported by strong cash flow and low debt.
Following this transaction, Lee retains ownership of 545,850 shares in Photronics, representing a majority of the company’s $1.5 billion market cap. The sale was made through multiple trades, as noted in the filing. According to InvestingPro, which provides a comprehensive analysis and 8 additional key facts about Photronics, the stock currently appears to be slightly undervalued based on their proprietary Fair Value model.
In other recent news, Photronics Inc. announced the appointment of David Garcia to the Board of Directors. Garcia brings 30 years of legal experience, including roles at Holland & Hart, Wilson Sonsini Goodrich & Rosati, and Venture Law Group. His expertise in mergers and acquisitions, venture financing, and securities offerings is expected to assist Photronics in exploring various business development opportunities.
The company also reported earnings for the third quarter of 2024, revealing EPS of $0.51, slightly below expectations of $0.52, and revenue of $211 million. Despite these minor misses, Photronics continues to maintain financial stability, characterized by strong reserves and a low debt profile. The company also expanded its share repurchase program to $100 million.
Analysts at DA Davidson raised Photronics’ target to $35, citing a promising outlook for the 2025 investment year. Despite accepting the near-term challenges in various end markets and the political uncertainty affecting Taiwan and China, the company maintains a bullish long-term outlook for Photronics.
Photronics’ Q4 revenue guidance stands at $213-$221 million with a non-GAAP EPS range of $0.51-$0.54. The company is very keen on expanding its IC capacity and exploring strategic expansion options in the US, Europe and Asia. This latest development reflects Photronics’ confidence in the long-term prospects of the imaging market, driven by trends in AI and portable computing.
This article was created with the support of AI and reviewed by an editor. For more information see our T&C.
