3D Systems Corporation (NYSE:DDD) shares have tumbled more than 42% this year so far. The stock rose to as high as $96.42 on January 3 before falling in the range of $50. However, falling stock price hasn’t stopped 3D Systems executives from selling shares even at lower prices. The latest insider to unload shares of the company is chief technology officer and EVP Charles Hull.
Hull now owns 332,515 shares of 3D Systems
Mr. Hull revealed in his Form 4 filing with the Securities and Exchange Commission that he sold 7,500 shares of 3D Systems in an open market transaction dated July 21. He sold the stock at $56.54 apiece, for a total transaction value of $424,050. Following the transaction, Charles Hull now owns 332,515 shares of the company. Of that, he directly holds 136,500 shares while the remaining are held by a trust.
Before this transaction, Charles Hull had sold 7,500 shares at $50.34 per share on June 16. He also offloaded 7,500 shares on May 19 at an average price of $48.40. 3D Systems will release its second-quarter results on July 31 before the market opens. The company reported impressive first-quarter results on April 29. Its revenues increased 45% to $147.76 billion, surpassing the consensus estimate of $145.5 million. Earnings of 15 cents a share were in line with analysts’ expectations.
3D Systems to report Q2 results on July 31
For Q2, Wall Street expects 3D Systems to report 18 cents in EPS, down from 20 cents in the same quarter a year ago. However, revenues are projected to jump 34.40% from $120.79 million to $162.28 million. For the full-year 2014, analysts expect revenues of $713.82 million with $0.81 per share in earnings. The company’s own full-year upgraded guidance calls for $695-$735 million in revenues. 3D Systems aims to hit $1 billion revenue in FY2015.
Many 3D Systems investors are hoping that the launch of Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) Ara smartphone could provide significant upside to the 3D printing company. 3D Systems has partnered with the search engine company to develop modular components for Ara. However, Imperial Capital analyst Ashok Kumar argues that Ara offers no significant advantage to customers over the existing smartphones. So, it is unlikely to have any major impact on 3D Systems’ revenues in the near-term.
3D Systems shares fell 0.41% to $53.63 at 11:28 AM EDT on Thursday.