Byrna Technologies CEO sells over $670k in company stock

Byrna Technologies Inc. (NASDAQ:BYRN) has reported a significant transaction by President and CEO Ganz Bryan, involving the sale of company stock totaling approximately $671,416. This transaction was reported in a recent filing with the Securities and Exchange Commission.

The sales occurred across multiple dates, with shares being sold at prices ranging from $17.4 to $17.9765. On September 20, 2024, Bryan sold 5,495 shares at a weighted average price of $17.4128, as per the footnote in the filing, which also stated that these sales were made pursuant to a pre-arranged 10b5-1 trading plan adopted on April 8, 2024. A single share was sold on September 23 at a price of $17.40. The largest transaction took place on September 24, where 32,026 shares of Byrna Technologies were sold at a weighted average price of $17.9765.

After these transactions, the SEC filing indicated that the holdings directly or indirectly associated with Bryan amounted to a substantial number of shares. Notably, the reporting person disclaimed beneficial ownership of certain securities, except to the extent of his pecuniary interest therein, as noted in the footnotes of the filing.

These transactions are part of the routine financial activities of corporate executives, who may sell shares for various reasons, including portfolio diversification or liquidity needs. Investors often monitor these filings for insights into executives' confidence in their company's future performance, although such sales do not always provide a clear indication.

Byrna Technologies Inc., known for its diverse range of electrical machinery, equipment, and supplies, continues to be a company of interest for investors in the manufacturing sector.



In other recent news, Byrna Technologies reported a substantial surge in third-quarter sales, resulting in a revised stock price target by B.Riley from $20.00 to $25.00. The firm maintained its Buy rating on Byrna's stock following the company's impressive performance. Byrna's third-quarter sales reached $20.8 million, marking a 194% increase year-over-year, exceeding estimates of $14.1 million and the consensus of $16.1 million. This growth was largely driven by strong sales across all markets and a successful celebrity endorsement program.

Additionally, Byrna Technologies initiated a $10 million stock repurchase program, following a history of similar buybacks. The company's recent financial performance showcased a net income of $2.1 million in Q2 2024, in contrast to the net loss reported in the previous year. Byrna's net revenue also saw a significant rise of 76%, reaching $20.3 million, with gross profit accounting for 62% of the net revenue.

Furthermore, Byrna Technologies received a Buy rating from Roth/MKM, acknowledging the company's potential in the non-lethal consumer self-defense market. The firm anticipates Byrna Technologies to experience a compound annual growth rate (CAGR) of over 37% in sales, driven by increased marketing efforts, expansion of retail stores, and the launch of new products.

In line with its growth strategy, Byrna Technologies announced plans for expansion, including the opening of company-owned retail stores and the establishment of a U.S.-based ammunition production facility. Despite a delay in the launch of a smaller launcher until the second half of 2025, the company remains committed to capturing a larger market share within the gun owners demographic.
InvestingPro Insights


Amid the recent news of Byrna Technologies Inc. (NASDAQ:BYRN) CEO's stock sales, InvestingPro data reveals a mixed financial landscape for the company. With a market capitalization of $417.04 million, Byrna stands out in the manufacturing sector. The company's gross profit for the last twelve months as of Q2 2024 is reported at $34.4 million, corresponding to a robust gross profit margin of approximately 57.67%. This high margin underscores the company's efficiency in managing its cost of goods sold and hints at strong underlying business fundamentals.

InvestingPro Tips highlight that Byrna Technologies holds more cash than debt on its balance sheet, which suggests a solid financial position to withstand market fluctuations and invest in growth opportunities. Additionally, analysts predict that the company will be profitable this year, reflecting optimism about Byrna's potential to turn around its financial performance.

Investors tracking the stock's momentum will note that Byrna's price has seen a significant return over the last year, with an increase of 488.42%. This growth trajectory is also supported by a revenue increase of 23.34% in the last twelve months as of Q2 2024, indicating healthy sales expansion. However, the company's P/E ratio stands at -143.67, reflecting market skepticism about its earnings potential or possibly high growth expectations embedded in the stock price.

For those interested in a deeper dive into Byrna's financial health and future prospects, InvestingPro offers additional tips (https://www.investing.com/pro/BYRN), providing investors with a comprehensive toolkit for making informed decisions.

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Source: Investing.com