Janet Rolle, a director at BuzzFeed, Inc. (NASDAQ:BZFD), has sold a portion of her holdings in the company, according to a recent filing with the Securities and Exchange Commission. The stock, which InvestingPro analysis shows is currently undervalued, has experienced significant volatility with a 220% year-to-date return despite a recent 26% weekly decline. The transaction, which took place on December 13, 2024, involved the sale of 30,801 shares of BuzzFeed's Class A Common Stock. The shares were sold at a weighted average price of $3.4954, amounting to a total of $107,661. With a beta of 3.66, BuzzFeed's stock exhibits significant price swings compared to the broader market.
Following this transaction, Rolle retains ownership of 122,904 shares in the company. The sale was executed in multiple trades, with prices ranging from $3.4764 to $3.5154. The details of these transactions are available upon request from BuzzFeed or the SEC. For deeper insights into BZFD's insider trading patterns and comprehensive financial analysis, access the full Pro Research Report available on InvestingPro.
In other recent news, BuzzFeed, Inc. has been active with financial developments that include an $82.5 million sale of its culinary brand, First We Feast, to a group led by Soros Fund Management LLC. This significant transaction has allowed BuzzFeed to surpass its remaining debt with its cash balance, according to a recent 8-K filing. The sale is part of BuzzFeed's strategy to shift focus to higher-margin, tech-driven revenue streams such as programmatic advertising and affiliate commerce, leveraging artificial intelligence potential in media.
Furthermore, BuzzFeed has projected fourth-quarter earnings with revenues between $54 million and $58 million and an Adjusted EBITDA of $4 million to $9 million. This projection indicates expected year-over-year growth in key revenue sectors and an increase in Adjusted EBITDA. The company has also managed to reduce its debt by over $150 million since December 31, 2023, entering 2025 with a stronger balance sheet.
In terms of third-quarter performance, BuzzFeed reported a 7% year-over-year revenue increase to $64 million, primarily driven by strong performances in Programmatic Advertising and Affiliate Commerce. Adjusted EBITDA also saw a significant rise to approximately $11 million. Despite a 3% decline in overall advertising revenues, the company's focus on scalable, high-margin revenue streams resulted in a 45% year-over-year increase in Commerce and other revenues. These recent developments indicate BuzzFeed's successful navigation towards more profitable and scalable business segments.
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