ATLANTA—Denise M. Harrod, a director at Atlanticus Holdings Corp (NASDAQ:ATLC), recently sold shares of the company's common stock totaling $73,500. The transactions occurred on November 15 and November 18, with Harrod selling 1,141 shares on the first date and an additional 359 shares on the latter. Both sales were executed at a price of $49 per share.
Following these transactions, Harrod's direct ownership of Atlanticus stock amounts to 5,300 shares. The sales were reported in a Form 4 filing with the Securities and Exchange Commission, reflecting Harrod's disposition of shares in the personal credit institution company.
In other recent news, Atlanticus Holdings Corp. reported first-quarter 2024 earnings that met expectations, with a net income of $19.9 million. The company has implemented additional fees and new product features, projected to counteract the effects of new late fee rules by mid-2025. Financial services firm BTIG increased its price target on Atlanticus shares to $54, maintaining a 'Buy' rating. This adjustment reflects the company's strong performance metrics, including robust growth in purchase volume and loan growth.
In addition, Atlanticus recently priced a public add-on offering of $55 million in senior notes, following a previous issuance of $57.25 million in senior notes. The funds are earmarked for redeeming part of the Class B preferred units of a subsidiary or for general corporate purposes.
On the analyst front, B.Riley maintains a Buy rating on Atlanticus shares, with the firm's analysts anticipating a potential upside of over 50% within the next 12 months. The optimism is fueled by expected credit improvement, margin expansion, and sustained double-digit portfolio growth. These recent developments underline Atlanticus's strong market position and potential for sustained growth.
InvestingPro Insights
The recent stock sale by Atlanticus Holdings Corp (NASDAQ:ATLC) director Denise M. Harrod comes at a time when the company's stock is showing strong momentum. According to InvestingPro data, ATLC has experienced significant returns over various timeframes, with a 32.63% increase in the past month and an impressive 105.26% gain over the last six months. This upward trajectory has brought the stock price to within 96.33% of its 52-week high, suggesting robust investor confidence.
InvestingPro Tips indicate that ATLC's stock price movements are quite volatile, which could explain the director's decision to sell at this time. Additionally, the RSI suggests the stock is in overbought territory, potentially signaling that the current price levels might be unsustainable in the short term.
Despite the recent insider sale, Atlanticus Holdings Corp's financial metrics remain solid. The company boasts a P/E ratio of 9.13, which is relatively low compared to many growth stocks. Furthermore, with a revenue of $374.09 million in the last twelve months and a strong operating income margin of 34.15%, ATLC demonstrates robust financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for ATLC, providing deeper insights into the company's financial health and market position.
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