Ketan Thakker, CEO of RDE, Inc. (OTC:GIFT), has acquired 10,000 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on October 18, was executed at a price of $1.49 per share, totaling $14,900. Following this purchase, Thakker's direct ownership in the company increased to 2,694,208 shares. This move reflects Thakker's ongoing commitment to the company, as he holds dual roles as both CEO and director.
In other recent news, RDE, Inc. has seen significant developments, including its Chief Technology Officer, Balazs Wallisch, acquiring over one million shares of the company's stock. These purchases have increased Mr. Wallisch's beneficial ownership to 1,040,217 shares of RDE's common stock. Additionally, RDE, Inc. has secured a $2 million financing agreement with Spars Capital Group. The promissory note, bearing an 11.5% annual interest rate, is set to mature in 2025 and is secured by a lien on RDE's assets. This strategic financial move is linked to RDE board member Elliot Bohm, demonstrating internal financial support. In a parallel development, RDE, Inc. has appointed Steve Handy as its new Chief Financial Officer, bringing over 20 years of financial leadership to the role. This includes significant contributions to Sacks Parente Golf, Inc.'s 700% revenue growth in the first half of 2024. Lastly, RDE's CEO, Ketan Thakker, anticipates that Handy's expertise in public markets will be instrumental to the company's growth strategy. These are recent developments that investors may find noteworthy.
InvestingPro Insights
Ketan Thakker's recent acquisition of RDE, Inc. (OTC:GIFT) shares comes at a time when the company's stock has faced significant challenges. According to InvestingPro data, GIFT's stock price has fallen dramatically over the past year, with a one-year price total return of -62.31% as of the latest available data. This decline is part of a broader trend, with the stock experiencing a -63.52% return over the past three months.
Despite these headwinds, InvestingPro Tips suggest that GIFT is currently trading at a low revenue valuation multiple, which could indicate potential value for investors who share Thakker's confidence in the company's future. This valuation perspective is particularly interesting given that the company's revenue for the last twelve months stood at $83.44 million USD.
However, it's important to note that GIFT is not currently profitable, with a negative operating income of -$11.74 million USD over the last twelve months. The company also suffers from weak gross profit margins, with a gross profit margin of 12.31% for the same period.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips for GIFT, providing a deeper understanding of the company's financial health and market position.
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