WEST PALM BEACH, FL – Leonard M. Tannenbaum, the Executive Chairman of Sunrise Realty Trust, Inc. (NYSE:SUNS), has made a substantial investment in the company’s stock, purchasing shares valued at approximately $1.49 million. The transactions, which took place on July 10 and July 11, 2024, demonstrate a significant vote of confidence in the real estate investment trust by one of its top executives.
The shares were acquired in multiple transactions at prices ranging from $8.73 to $11.49. On July 10, Tannenbaum purchased 10,000 shares at $8.73 each and 58,958 shares at an average price of $10.56, with individual prices varying from $8.94 to $11.25. The following day, he continued to increase his holdings by acquiring an additional 68,086 shares at an average price of $11.49, with transaction prices between $10.85 and $12.54.
Following these purchases, Tannenbaum’s total direct ownership in Sunrise Realty Trust includes 1,270,763 shares, with an additional 58,958 shares held indirectly. Additional indirect holdings include 24,959 shares held by his spouse and 128,219 shares held by the Tannenbaum Family Foundation, of which he is the President.
The recent acquisitions by Tannenbaum are part of his long-term investment strategy and his belief in the future of Sunrise Realty Trust. As a seasoned executive with a significant stake in the company, his actions often signal his outlook on the company’s financial health and prospects.
Investors typically keep a close eye on insider transactions as they can provide insights into the company’s performance and management’s expectations. Tannenbaum’s latest stock purchases are a clear indication of his commitment to and optimism about Sunrise Realty Trust’s trajectory.
Sunrise Realty Trust, Inc., headquartered in West Palm Beach, is a Maryland-incorporated real estate investment trust, focusing on strategic property investments and management. The company’s stock is publicly traded on the New York Stock Exchange under the ticker symbol SUNS.
In other recent news, Sunrise Realty Trust, a real estate investment trust (REIT), has made its debut on the Nasdaq Capital Market. This marks a significant milestone for the company, as it represents the establishment of Sunrise Realty Trust as an independent entity in the marketplace. The initiation of trading is a critical move for the company, offering liquidity and a market for its shares.
The company, which is a spin-off from AFC Gamma, Inc., had not previously had a public market for its common stock. The commencement of trading began on a “when-issued” basis, with regular way trading expected to follow. The exact trading prices for Sunrise Realty Trust and AFC Gamma’s common stock remain unknown at this time.
These are recent developments in the company’s journey, and they underscore the company’s growth and evolution in the marketplace.
InvestingPro Insights
In light of the recent insider purchases by Executive Chairman Leonard M. Tannenbaum, investors may find the performance metrics of Sunrise Realty Trust, Inc. (NYSE:SUNS) particularly interesting. Over the past year, SUNS has experienced a remarkable price total return of 25.0%, which is consistent across various time frames, including the 1-week, 1-month, 3-month, 6-month, and year-to-date returns. This uniform return rate suggests a steady upward trend in the company’s stock price, aligning with Tannenbaum’s confidence in the firm’s potential.
Moreover, the average daily volume over the past three months stands at 0.26 million USD, indicating a healthy level of trading activity in SUNS shares. This liquidity is a positive sign for investors looking for opportunities to enter or exit positions in the company.
For those considering a deeper analysis of SUNS or seeking additional insights into the company’s future, InvestingPro offers exclusive tips. Currently, there are additional PRONEWS24 tips available on the platform that can provide further guidance on investment decisions. Remember to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes access to these valuable tips and more.
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