Peter Holst, the CEO of Oblong, Inc. (NASDAQ: OBLG), has made a significant investment in his own company, purchasing 10,000 shares at an average price of $1.84 per share. The transaction took place on November 14, 2023, totaling $18,400. Following this acquisition, Holst’s total ownership of Oblong shares rose to 10,544, valued at approximately $19,400.96.
This purchase represents a substantial increase in Holst’s stake in Oblong, reflecting a remarkable 1,838.24% rise in his ownership. The transaction was documented in a filing with the Securities and Exchange Commission, which is accessible online.
Market Activity and Financial Performance
In related market activity, Oblong shares experienced a slight rise, trading up 0.5% to reach $1.95 during midday trading on November 17, 2023. Approximately 82,768 shares changed hands, compared to the average trading volume of 178,375. Over the past year, Oblong’s stock has fluctuated between a low of $1.76 and a high of $5.50. The company’s fifty-day moving average currently stands at $2.74.
Oblong, Inc. reported its latest earnings results on November 13, 2023, revealing a loss of ($0.74) earnings per share (EPS) for the quarter, alongside a revenue of $0.60 million. The company has noted a negative return on equity of 55.01% and a troubling net margin of 135.92%.
Investor Interest and Institutional Holdings
Recent activity among institutional investors indicates a growing interest in Oblong. Several large entities have made notable investments during the third quarter of 2023. For instance, Virtu Financial LLC acquired a new position valued at approximately $39,000, while Fifth Lane Capital LP invested around $40,000. Other significant acquisitions include Citadel Advisors LLC with a stake worth around $56,000 and Two Sigma Investments LP at $58,000.
Overall, hedge funds and institutional investors now own 1.98% of Oblong’s stock, reflecting a cautious yet optimistic outlook from the investment community.
Oblong, Inc. specializes in providing innovative multi-stream collaboration technologies and managed services, catering to both domestic and international markets. The company operates through two main segments: Collaboration Products and Managed Services. Its flagship product, Mezzanine, facilitates visual collaboration across multiple users, screens, devices, and locations, enhancing video telepresence, application sharing, and whiteboarding capabilities.
As Oblong continues to navigate market challenges, CEO Holst’s investment may signal confidence in the company’s potential for future growth.
