Urgent.ly Inc. (NASDAQ:ULY) director Ben Volkow has sold a portion of his holdings in the company, according to the latest filings with the Securities and Exchange Commission. The transactions, carried out on July 30 and July 31, 2024, involved the sale of 2,900 shares of Urgent.ly's common stock for a total value exceeding $4,300.
The sales took place at weighted average prices ranging from $1.4764 to $1.5108. Specifically, on July 30, Volkow sold 2,300 shares at an average price of $1.4764, and on the following day, an additional 600 shares were sold at an average price of $1.5108. The sales were conducted in multiple transactions with prices for the July 30 sales ranging from $1.44 to $1.54, and for the July 31 sales ranging from $1.50 to $1.52.
Following these transactions, Volkow's ownership in Urgent.ly stands at 531,130 shares of common stock. It is noted in the footnotes of the filing that the sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by Volkow on November 20, 2023. This plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information, thus avoiding potential accusations of insider trading.
Investors and analysts often scrutinize insider sales for insights into an executive's view of the company's future prospects. Urgent.ly, a Delaware-incorporated company specializing in computer processing and data preparation services, has not yet commented on the transactions.
The sale was confirmed with a signature by Timothy Huffmyer, by power of attorney, on August 1, 2024.
In other recent news, Urgent.ly Inc. has announced the results of its 2024 Annual Meeting of Stockholders. The meeting saw shareholders vote on two key proposals, electing Class I directors and ratifying the company's independent auditors for the upcoming fiscal year. Gina Domanig and Ryan Pollock were elected as Class I directors, with Domanig receiving 2,988,213 votes in favor and Pollock garnering 2,990,224 votes for.
In addition, shareholders approved the appointment of CohnReznick LLP as the independent registered public accounting firm for Urgent.ly Inc. for the fiscal year ending December 31, 2024. The decision was unanimous, with 6,835,131 votes for and 21,011 abstentions.
These recent developments represent key strategic decisions by Urgent.ly Inc.'s shareholders. It is essential to note that these are recent developments and not indicative of future actions or results.
InvestingPro Insights
As investors digest the news of director Ben Volkow's recent stock sales, a closer look at Urgent.ly Inc. (NASDAQ:ULY) through InvestingPro's lens reveals some financial nuances that may impact shareholder perspectives. With a market capitalization of just over $20 million, Urgent.ly's size is a critical factor when considering its financial health and operational efficiency.
One of the InvestingPro Tips highlights that Urgent.ly is currently trading at a low revenue valuation multiple, which could indicate the market is undervaluing the company's sales potential. This is particularly worth noting given the company's revenue for the last twelve months as of Q1 2024 stood at $175.17 million, despite a decline of 11.09% during the same period. Such a discrepancy between revenue and valuation could suggest a potential opportunity for investors if the company's market position improves.
Additionally, the company has been flagged for weak gross profit margins, which came in at 21.68% for the last twelve months as of Q1 2024. This metric, coupled with the fact that Urgent.ly's short-term obligations exceed its liquid assets, presents a cautionary tale for potential investors regarding the company's near-term financial stability.
The stock's performance also tells a story of recent struggles, with a 52-week low price percentage of just 11.75% and a one-year price total return of -71.43%. Nevertheless, Urgent.ly has been profitable over the last twelve months, which could be a silver lining for investors looking for a turnaround story.
For those interested in further insights, InvestingPro offers additional tips for Urgent.ly, which can be found at InvestingPro's Urgent.ly page. These tips could provide deeper analysis and help investors make more informed decisions regarding their Urgent.ly holdings.
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