According to a recent filing with the U.S. Securities and Exchange Commission, Terrence Glarner, the director of NVE Corp. (NASDAQ:NVEC), completed the sale of the company’s shares on August 15. The transaction involved the sale of 344 shares at $78.71 per share, for a total of approximately $27,076. This sale follows a recent acquisition of the same number of shares on August 13, when Glarner purchased shares at $79.8 per share, for a total of $27,451.
The series of transactions began with Glarner exercising options to purchase 344 shares of NVE Corp. common stock. These shares were subsequently sold, with the transactions reflecting a slight reduction in the sale price compared to the purchase price. It is worth noting that Glarner’s purchase of the shares increased his holdings to 1,544 shares, but with the recent sale, his stake in the company now stands at 1,200 shares.
In addition to the common stock transactions, Glarner participated in a derivative transaction in which he exercised options for 1,000 shares of non-qualified stock options of NVE Corp., which was recorded as a net option exercise without cash. Following this exercise, Glarner’s total holdings in the company were 6,000 shares.
Investors often watch such insider transactions to gain insights into a company’s performance and the confidence that executives and directors have in the business’s prospects. While the reasons behind Glarner’s buying and selling actions remain undisclosed, the publicly available information provides a transparent view of his recent trading activities in the company’s stock.
NVE Corp., headquartered in Eden Prairie, Minnesota, is a Minnesota-based company that manufactures semiconductors and related devices. The company’s shares are publicly traded, and these transactions are part of the routine disclosures required of company insiders.
In other recent news, NVE Corporation reported strong earnings and cash flow for the quarter ended June 30, 2024, despite revenue falling 23% year-over-year amid challenges in the semiconductor industry. The company’s gross margin increased to 86%, attributed to a shift toward profitable products and higher direct sales. However, net income fell 7%, while operating cash flow increased 16%.
The developments come as NVE Corporation plans to invest significant capital to expand its production capacity and manufacture its wafer-level chip packages in-house. Additionally, new products targeting the medical and industrial markets are expected to begin production later this fiscal year. The company has also received incentives from the Minnesota Investment Fund and an interest-free loan for new production equipment.
Looking ahead, NVE Corporation expects a recovery in the semiconductor industry in 2024 and significant growth in 2025. The company is also exploring prospects for new revenue orders with strong indications from existing and potential customers. Furthermore, partnerships with Abbott and other medical device companies indicate confidence in the market. Despite these positive developments, it is important to note that no direct purchase orders have been confirmed yet.
This article was created with the support of AI and reviewed by an editor. For more information, see our Terms and Conditions.
Comments are closed, but trackbacks and pingbacks are open.