Stephen A. Riddick, a director at Bowman Consulting Group Ltd. (NASDAQ:BWMN), has sold a portion of his holdings in the company. According to a recent SEC filing, Riddick sold 2,288 shares of common stock on December 6, 2024, at a price of $28.60 per share. This transaction amounts to a total value of $65,436. The sale comes as Bowman Consulting, with a market capitalization of $497 million, demonstrates strong business fundamentals with impressive gross profit margins of 51.5% and robust revenue growth of 23.5% in the last twelve months.
Following this sale, Riddick holds 20,248 shares directly. The shares were sold under a Rule 10b5-1 trading plan, which was adopted on May 15, 2024. This plan allows for the sale of up to 6,600 shares over a period extending from August 14, 2024, through August 2025. According to InvestingPro analysis, the stock's RSI indicates overbought conditions, which could be significant for investors tracking insider activity. InvestingPro subscribers have access to 10 additional key insights about BWMN, along with comprehensive valuation metrics and expert analysis.
In other recent news, Bowman Consulting Group Ltd. has reported significant developments. The company has increased its share repurchase program from $25 million to $35 million, with around $16 million still available for repurchase. This decision follows a strong third quarter in 2024, with net revenue surpassing $100 million, marking a considerable year-over-year growth. The company's financial health was further emphasized by a 27% increase in backlog, driven by robust new bookings and large transportation contracts.
In response to these developments, Bowman has raised its 2024 revenue outlook and set an optimistic revenue forecast for 2025. The company's gross revenue rose 21% to $113.9 million, while net revenue increased 23% to $101 million. Adjusted EBITDA for Q3 was nearly $17 million, with a healthy balance sheet showing $12 million in cash. Bowman's executives have highlighted an uptick in demand for services related to electrification and decarbonization in power markets.
Finally, Bowman Consulting Group aims for a $500 million annual gross revenue run rate within five years post-IPO, anticipating organic growth of 5% to 9% in 2025. The company expects positive impacts from upcoming election on infrastructure spending and regulatory changes. Bowman's backlog for 2025 is larger than in previous years, with no anticipated permitting hurdles.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.