MoneyLion Inc. (NYSE:ML) has reported a recent sale of shares by executive Adam VanWagner, the company's Chief Legal Officer and Secretary. On August 15, 2024, VanWagner sold a total of 6,973 shares of MoneyLion Class A Common Stock at a price of $45.10 per share, amounting to over $314,000 in total.
The transaction was carried out automatically to cover tax liabilities related to the vesting of restricted stock units (RSUs) and performance share units (PSUs). According to the footnotes in the filing, this sale was executed in accordance with a pre-arranged trading plan that VanWagner had put in place to meet the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934.
Following the sale, VanWagner's direct ownership in the company stands at 109,298 shares. The RSUs and PSUs, which are contingent rights to receive shares of Class A Common Stock, were previously reported in VanWagner's prior Form 4 filings.
MoneyLion Inc., headquartered in New York, operates within the financial services sector and is known for its digital financial platform. The company's stock trades under the ticker symbol ML on the New York Stock Exchange.
In other recent news, MoneyLion Inc. announced a strong performance for the second quarter of 2024, with record revenue of $131 million and an adjusted EBITDA of $18.5 million. This growth in revenue and customer base, which saw a 73% increase year-over-year reaching 17 million users, is attributed to strategic initiatives and expansion of product offerings. The company's enterprise revenue also grew by 17% from the previous quarter. Notably, MoneyLion has extended its partnership with Pathward and plans to introduce overdraft protection. Looking ahead, the company expects continued growth and stabilization, with revenue guidance for Q3 2024 between $133 million and $138 million. MoneyLion's enterprise business continues to grow, with over 85 million customer inquiries in Q2, and the company is diversifying revenue across multiple financial verticals. Lastly, the integration of MoneyLion AI into enterprise partners' platforms is expected to further strengthen MoneyLion's position in the market.
InvestingPro Insights
MoneyLion Inc. (NYSE:ML) has been navigating the financial market with notable metrics that could be of interest to investors. The company's market capitalization stands at $514.09 million, reflecting its current valuation in the market. Despite the recent sale of shares by executive Adam VanWagner, MoneyLion has demonstrated significant revenue growth in the last twelve months as of Q2 2024, with an increase of 23.75%. This growth is indicative of the company's expanding operations and market presence.
Investors looking at the company's profitability metrics will find that MoneyLion has a high earnings multiple, with a P/E ratio of 268.02 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 282.65. This suggests that investors are willing to pay a premium for MoneyLion's earnings, potentially due to expectations of future growth. Additionally, the stock has experienced high price volatility, as indicated by a one-month price total return of -45.32% and a three-month price total return of -42.47%, which may attract investors with a higher risk tolerance.
Two InvestingPro Tips that could be particularly relevant for MoneyLion investors include the expectation of net income growth this year and the fact that the company's liquid assets exceed its short-term obligations. These insights may provide a sense of confidence regarding the company's financial health and its ability to cover immediate liabilities. For those interested in a deeper analysis, InvestingPro offers additional tips, with a total of 13 InvestingPro Tips available at https://www.investing.com/pro/ML.
Overall, MoneyLion's financial performance and executive transactions are key factors for shareholders and potential investors to consider as they assess the company's prospects within the dynamic landscape of the financial services sector.
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