NEW YORK—William A. Heyburn, the Chief Financial Officer of Blade Air Mobility, Inc. (NASDAQ:BLDE), recently sold shares of the company's stock amounting to $197,018. The sale, executed on December 9, involved 39,285 shares at a weighted average price of $5.0151 per share. This transaction was conducted under a Rule 10b5-1 trading plan, which Heyburn adopted on December 14, 2023. The timing is notable as BLDE has shown strong momentum, with a 48% price return over the past six months.
Following this sale, Heyburn's direct ownership in Blade Air Mobility stands at 1,336,826 shares. Additionally, on December 11, 35,348 shares were withheld by Blade Air Mobility to cover tax obligations related to the vesting of restricted stock units, valued at approximately $166,842 at a price of $4.72 per share. The company maintains a strong financial position with a current ratio of 6.32, indicating robust liquidity.
Blade Air Mobility, based in New York, operates in the air transportation sector, providing non-scheduled services. According to InvestingPro analysis, the company holds more cash than debt on its balance sheet, though it remains unprofitable over the last twelve months. Analysts maintain a strong bullish consensus on the stock, with additional insights available in the comprehensive Pro Research Report, part of InvestingPro's coverage of over 1,400 US equities.
In other recent news, Blade Air Mobility reported strong financial performance in Q3 2024. The urban air mobility platform saw a 27.3% year-over-year increase in flight profit and an adjusted EBITDA of $4.2 million, up from $0.8 million the previous year. Despite a sequential decline in medical revenue, the company anticipates a rebound in Q4 and predicts double-digit growth for 2025.
Blade's strategic decisions, including leaving unprofitable markets and partnering with OrganOx, have positioned it for future expansion. The company closed Q3 with no debt and $136 million in cash. For 2024, Blade forecasts revenue between $240 million and $250 million.
While the medical revenue saw a decline due to lower organ transplant volumes, the company remains optimistic about future growth. The company's focus on maintaining a strong balance sheet while making low-risk investments has enhanced its competitive position in the urban air mobility market. These are among the recent developments for Blade Air Mobility.
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