Byrna Technologies CEO Sells Over $670K in Company Stock

Byrna Technologies Inc. has announced a noteworthy stock transaction conducted by President and CEO Ganz Bryan, involving the sale of shares amounting to approximately $671,416. This information was disclosed in a recent filing submitted to the Securities and Exchange Commission.

The stock sales took place across several dates, with share prices ranging from $17.40 to $17.9765. On September 20, Bryan sold 5,495 shares at a weighted average price of $17.4128, following a pre-established 10b5-1 trading plan initiated on April 8, 2024. Additionally, a single share was sold on September 23 at $17.40, while the largest volume of shares, totaling 32,026, was sold on September 24 at an average price of $17.9765.

According to the SEC filing, Bryan’s direct and indirect holdings comprise a significant number of shares. The filing also stated that Bryan disclaimed beneficial ownership of certain securities, except for his financial interest in them.

Such transactions are commonplace among corporate executives, who may sell shares for various reasons, such as diversifying their portfolios or accessing liquid funds. Investors often scrutinize these filings for clues concerning executives’ views on the company’s future, though stock sales do not always provide definitive insights.

Byrna Technologies Inc., recognized for its extensive range of electrical machinery and equipment, remains a point of interest within the manufacturing sector for investors.

In related news, Byrna Technologies recently reported a remarkable increase in their third-quarter sales, prompting investment firm B.Riley to revise its stock price target from $20.00 to $25.00, while maintaining a Buy rating on Byrna’s shares. The company’s third-quarter sales reached $20.8 million, representing a 194% year-over-year increase, and surpassing estimates of $14.1 million as well as the consensus of $16.1 million. This remarkable growth was largely attributed to robust sales across various markets and a successful celebrity endorsement campaign.

Moreover, Byrna Technologies has launched a $10 million stock repurchase program, continuing its pattern of previous buybacks. The company reported a net income of $2.1 million for Q2 2024, a turnaround from the net loss recorded in the prior year. Net revenue also saw a substantial increase of 76%, amounting to $20.3 million, with gross profit representing 62% of this figure.

Additionally, Roth/MKM has issued a Buy rating for Byrna Technologies, recognizing the firm’s potential within the non-lethal consumer self-defense market. The firm predicts a compound annual growth rate (CAGR) of over 37% in sales driven by enhanced marketing initiatives, the expansion of retail locations, and the introduction of new products.

In line with its growth strategy, Byrna Technologies has outlined plans for expansion, which include opening company-owned retail stores and establishing a U.S.-based ammunition production facility. Although the launch of a smaller launcher has been postponed until the latter half of 2025, the company remains focused on increasing its market share among gun owners.

Investors observing Byrna Technologies will find the company characterized by a market capitalization of approximately $417 million, showcasing its prominence in the manufacturing sector. For the last twelve months as of Q2 2024, Byrna reported a gross profit of $34.4 million and a gross profit margin of around 57.67%, indicating strong operational efficiency.

Furthermore, Byrna Technologies possesses more cash than debt, reflecting a solid financial position that can weather market fluctuations and facilitate growth investments. Analysts expect that the company will achieve profitability this year, signaling a positive outlook on its financial recovery.

For those tracking stock performance, Byrna’s stock has seen significant growth over the past year, with an increase of 488.42%. This success is accompanied by a revenue rise of 23.34% over the last twelve months as of Q2 2024, indicating strong sales growth. However, the company’s price-to-earnings (P/E) ratio stands at -143.67, suggesting market skepticism regarding its earnings potential or high growth expectations already factored into the stock price.

This article has been created with the assistance of AI and reviewed by an editor for accuracy and compliance.