Tough times for ViXS Systems (TSX:VXS) looks like opportunity to at least one person who is more than familiar with the company.
With its stock trading at 52-week lows, ViXS’s Chief Technology Officer and founder Indra Laksono is picking up shares in the open market.
Laksono bought 10,000 shares each day from June 9th to June 11th, another 4700 on June 13th, and another 10,000 on June 17th. The purchases were all made at the $1.40 and $1.41 mark.
Earlier this month, shares of ViXS continued to slide after announcing its Q1, 2015 results. The company lost $5.08-million on revenue of $7.4-million.
CEO Sally Daub, however, said the Toronto-based company is investing in its future growth.
“ViXS made a strategic decision to invest early in technologies that we saw disrupting the global video industry, and, as a result, we are the first and only commercially shipping solution to support both UHD 4K 60p and 10-bit HEVC,” she said. “Our customer wins, Intel partnership and incremental revenue from new products in [first quarter 2014] clearly demonstrate that our investment is starting to pay off, and we expect that UHD and HEVC will drive continued revenue and earnings growth for years to come.”
Following the quarter, Cantor Fitzgerald Canada analyst Blair Abernethy said the ramp up in customers moving away from legacy solutions to ViXS next-gen offerings wouldn’t be as steep as he previously expected.
At press time, shares of ViXS Systems were even at $1.40.