Investors following the movements of Star Equity Fund LP, a significant stakeholder in Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC), will be interested to learn that the group has recently made a series of acquisitions in the company's stock. Over a span of three days, Star Equity Fund LP purchased shares at prices ranging from $0.1995 to $0.2352, totaling approximately $9,683 in value.
These transactions were made public through a recent filing with the Securities and Exchange Commission. The purchases occurred on May 6, May 7, and May 8, with a total of 43,105 shares acquired. The weighted average prices for these purchases indicate a varied investment approach, with the group taking advantage of different market prices within the specified range.
Star Equity Fund LP is part of a larger group of related entities and individuals, including Star Equity Fund GP, LLC, Star Investment Management LLC, Star Value Investments, LLC, and Jeffrey E. Eberwein, who have filed jointly. This collective, due to their shared investment strategies and affiliations, may be deemed to beneficially own more than 10% of the outstanding common stock of Firsthand Technology Value Fund, Inc.
The recent acquisitions have increased the group's direct ownership in Firsthand Technology Value Fund, Inc., which is now reported to be more than 2 million shares. This level of ownership underscores the group's significant interest and potential influence in the company's future direction.
Investors and market watchers often keep a close eye on such filings to gauge insider sentiment and investment patterns within companies. These transactions are part of the normal course of business for large stakeholders and are disclosed in compliance with SEC regulations.
InvestingPro Insights
In light of Star Equity Fund LP's recent acquisitions in Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC), it's important for investors to consider the financial health and market performance of SVVC. According to InvestingPro data, SVVC's revenue for the last twelve months as of Q4 2023 stood at a modest $0.12 million, with a notable gross profit margin of 100%. Despite this, the company's operating income was adjusted to a loss of $1.46 million, and the basic and diluted earnings per share (EPS) for continuing operations were both negative at -$4.26. These figures may suggest underlying challenges in profitability and operational efficiency.
Regarding market performance, SVVC's stock has experienced significant volatility, as reflected by a one-week price total return of -13.91% and a one-year price total return of -76.48%. This volatility aligns with one of the InvestingPro Tips, which notes that the stock generally trades with high price volatility. Additionally, the company's short-term obligations exceeding its liquid assets is a critical financial metric that investors should consider, especially when assessing the company's ability to meet its immediate financial commitments.
For those looking to delve deeper into SVVC's financials and market performance, InvestingPro offers a range of additional tips for a comprehensive analysis. Currently, there are 10 more InvestingPro Tips available for SVVC, which can be accessed through the dedicated company page. Investors interested in leveraging these insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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