🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Kvh industries CEO Brent Bruun sells $3,608 in stock

Published 2024-10-15, 04:56 p/m
KVHI
-

Brent Bruun, CEO of KVH Industries (NASDAQ:KVHI), recently sold 726 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $4.97 each, totaling approximately $3,608. This transaction was conducted to cover tax obligations related to a restricted stock award that vested on October 11, 2024. Following the sale, Bruun retains direct ownership of 186,629 shares of KVH Industries.

In other recent news, KVH Industries reported a decrease in its second-quarter airtime and total revenue for 2024, attributed to a decline in VSAT product sales. Despite this, the company has implemented a reorganization strategy expected to save approximately $5 million annually in operating expenses. In a significant development, KVH Industries announced a strategic partnership with Starlink to develop and sell custom data plans.

The company is also expanding its value-added services, including vessel-based telephony, cybersecurity, and crew Internet. Looking ahead, KVH Industries remains optimistic about subscriber growth in the upcoming quarter and is on track to meet its strategic, financial, and operational targets for 2024.

Furthermore, the company is testing OneWeb service and plans to introduce 5G services to the marine industry. Despite potential competition from market entrants like Kuiper and Lightspeed (TSX:LSPD), KVH Industries maintains its focus on growth and market expansion. These are all recent developments, highlighting the company's commitment to innovation, cost-saving measures, and customer-centric service enhancements.

InvestingPro Insights

While Brent Bruun's recent stock sale was primarily to cover tax obligations, it's worth examining KVH Industries' financial position to provide context for investors. According to InvestingPro data, KVH Industries has a market capitalization of $94.63 million, with its stock trading at a price-to-book ratio of 0.66 as of the last twelve months ending Q2 2024. This relatively low valuation multiple could be of interest to value-oriented investors.

InvestingPro Tips highlight that KVH Industries holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. This aligns with another tip indicating that the company's liquid assets exceed its short-term obligations, potentially providing a cushion during challenging times.

However, investors should note that KVH Industries is facing some headwinds. The company's revenue for the last twelve months ending Q2 2024 was $122.59 million, representing a decline of 11.66% compared to the previous period. This trend is consistent with an InvestingPro Tip suggesting that analysts anticipate a sales decline in the current year.

For those considering a deeper dive into KVH Industries' prospects, InvestingPro offers additional insights, with 9 more tips available for subscribers looking to make more informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.