MoneyLion Inc. (NYSE:ML), a financial services company, reported that its Chief Accounting Officer, Mark Torossian, sold a total of 1,018 shares of the company's Class A Common Stock on June 11, 2024. The transaction was executed at a price of $81.71 per share, amounting to a total value of $83,180.
The sale was conducted under a prearranged trading plan that complies with Rule 10b5-1(c) of the Securities Exchange Act of 1934, which allows insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information. This plan had been adopted by Torossian on March 12, 2024.
Following the transaction, Torossian's ownership in MoneyLion Inc. stands at 22,206 shares. This figure includes restricted stock units and performance share units, which are contingent rights to receive shares of MoneyLion's Class A common stock. These units and their acquisition were previously reported by Torossian in earlier SEC filings.
The sale represents a significant divestment by a key executive of MoneyLion and is a notable event for investors tracking insider trading activity. MoneyLion, headquartered in New York and incorporated in Delaware, operates in the financial services industry and is classified under the Finance Services sector.
The filing was signed on behalf of Mark Torossian by Adam VanWagner, as Attorney-in-Fact, and was submitted to the SEC on June 12, 2024.
In other recent news, MoneyLion Inc. reported a record-breaking first quarter for 2024, with a notable surge in both revenue and customer growth. The company's Q1 revenue climbed to $121 million, marking a 29% increase from the previous year, and its customer count nearly doubled, reaching 15.5 million. MoneyLion's adjusted EBITDA also hit a record at $23 million, indicating a 19.4% margin. The company's bullish outlook projects continued growth in revenue and adjusted EBITDA for the upcoming quarter, expecting Q2 revenue to be between $125 million and $130 million, and adjusted EBITDA between $17 million and $20 million. In terms of strategy, MoneyLion is focusing on expanding into new product verticals and optimizing the customer funnel. Partnerships with firms like EY and the launch of the WOW offering are set to contribute to future growth. These recent developments underscore MoneyLion's commitment to becoming a unified consumer platform through product expansion and strategic partnerships.
InvestingPro Insights
As MoneyLion Inc. (NYSE:ML) navigates the financial services landscape, recent transactions by its executives have caught the eye of investors. To provide a broader context for these insider activities, key metrics from InvestingPro offer insights into the company's financial health and market performance.
MoneyLion's market capitalization currently stands at a robust $900.26 million, reflecting its presence in the competitive financial sector. Despite facing challenges, as indicated by a negative Price-to-Earnings (P/E) ratio of -31.95, the company has demonstrated a commendable revenue growth of 23.6% over the last twelve months as of Q1 2024. This growth trajectory is further highlighted by a quarterly revenue increase of 29.18% in Q1 2024, showcasing MoneyLion's ability to expand its financial footprint.
Investors tracking the stock's performance will note its impressive 675.72% return over the past year, a testament to the company's strong market presence. Additionally, MoneyLion's stock has been characterized by high price volatility, which is an important consideration for investors seeking to understand the risks associated with their investment.
For those interested in delving deeper, there are 11 additional InvestingPro Tips available, which can provide further guidance on MoneyLion's financial outlook and stock performance. To access these insights, visit InvestingPro and consider utilizing the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.