FORT LEE, NJ—Michalec Wojciech, Chief Financial Officer of Pioneer Power Solutions, Inc. (NASDAQ:PPSI), has reported the sale of company stock valued at $61,408, according to a recent SEC filing. The transactions, which took place on December 19 and 20, involved a total of 15,000 shares of Pioneer Power Solutions' common stock. The sale comes as the stock has shown mixed performance, with a 34% gain over the past six months despite an 8% decline in the past week. According to InvestingPro analysis, PPSI is currently trading below its Fair Value.
The shares were sold at a weighted average price, with transactions executed in the price range of $4.09 to $4.12 per share. Following these transactions, Wojciech holds 300,000 shares directly in the company. InvestingPro data reveals the company operates with a moderate debt level and maintains a current ratio of 1.41, though it faces challenges with weak gross profit margins of 7%.
Pioneer Power Solutions, based in Fort Lee, New Jersey, is involved in the manufacturing of power, distribution, and specialty transformers. Get access to 13 additional InvestingPro Tips and a comprehensive Pro Research Report for deeper insights into PPSI's financial health and growth prospects.
In other recent news, Pioneer Power Solutions has reported significant developments. The company recently held its annual stockholders meeting, electing seven directors to its board and ratifying the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. However, Pioneer Power later dismissed Marcum LLP, engaging BDO USA, P.C. as its new auditor.
This shift in financial oversight coincided with the company reporting its third-quarter financial results and providing guidance for the fourth quarter of 2024 and the fiscal year ending December 31, 2025. In a strategic move, Pioneer Power completed the sale of its Pioneer Custom Electrical Products business unit to Mill Point Capital for $50 million, allowing the company to concentrate on its e-Boost mobile charging platform, which reported a 130% revenue increase year-over-year to $6.4 million.
Looking ahead, Pioneer Power provided revenue guidance for 2025, estimating earnings between $27 million and $29 million, primarily from equipment sales and rentals. The company is also exploring strategic acquisitions and plans to launch a home e-Boost product in early 2025. These recent developments underscore Pioneer Power's strategic focus on its critical power segment and its commitment to capitalizing on the growing demand for electric vehicle charging solutions.
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