Michael Edward Manna, President and CEO of Ultralife Corp (NASDAQ:ULBI), recently acquired 1,500 shares of the company's common stock. The shares were purchased at a price of $7.245 per share, totaling approximately $10,867. Following this transaction, Manna now directly owns 19,874 shares of Ultralife Corp. This purchase reflects Manna's continued investment in the company, which specializes in miscellaneous electrical machinery and equipment.
In other recent news, Ultralife Corporation reported mixed results in their Q3 2024 earnings call. The company's sales decreased to $35.7 million, down from $39.5 million in Q3 2023. However, they saw a 1.9% rise in Battery & Energy Products sales, offset by a significant 58% drop in Communication Systems sales. The company also reported an operating income of $0.5 million with an EPS of $0.02, and a 33.4% reduction in debt to $8 million.
Ultralife further highlighted the acquisition of Electrochem, which is expected to add approximately $34 million in annual revenue and expand their product offerings. Despite a decrease in sales in the medical battery and industrial market, government defense customer revenues increased by 28.9%. The company also reported progress in material cost deflation, lean productivity, and sales funnel improvement initiatives.
CEO Mike Manna expressed anticipation for growth through ongoing product development in the Communications Systems (NASDAQ:SUNE) and Battery & Energy segments, with the integration of Electrochem expected to complete in H1 2025. However, investors should note that gross profit and operating income were down from the previous year, and there was a significant Communication Systems order delay from Q3 to Q4.
InvestingPro Insights
Michael Edward Manna's recent purchase of Ultralife Corp (NASDAQ:ULBI) shares aligns with several interesting financial metrics and trends highlighted by InvestingPro. The company's stock is currently trading at a P/E ratio of 13.47, which is relatively low compared to its near-term earnings growth potential. This valuation metric, coupled with the fact that the stock has fallen significantly over the last three months, suggests that Manna may see the current price as an attractive entry point.
InvestingPro data shows that Ultralife Corp has a market capitalization of $122.67 million and has been profitable over the last twelve months, with a revenue of $165.15 million. The company's EBITDA growth stands at an impressive 62.88% for the same period, indicating strong operational performance.
Two particularly relevant InvestingPro Tips for investors considering following Manna's lead are:
1. The stock's RSI suggests it is in oversold territory, which could indicate a potential buying opportunity.
2. Ultralife Corp operates with a moderate level of debt, which may provide financial flexibility for future growth initiatives.
These insights, along with 8 additional tips available on InvestingPro, offer a more comprehensive view of Ultralife Corp's financial health and market position. The InvestingPro Fair Value estimate of $10.69 per share, compared to the recent purchase price of $7.245, suggests there may be upside potential in the stock price.
Investors interested in a deeper analysis of Ultralife Corp can access more detailed metrics and tips through the InvestingPro platform, which provides a wealth of information to support informed investment decisions.
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