Urgent.ly Inc. (NASDAQ:ULY) director Ben Volkow has recently sold a portion of his company shares, with transactions totaling approximately $1920. The sales took place on July 1st and 2nd, according to a regulatory filing with the Securities and Exchange Commission.
On the first day of July, Volkow sold 500 shares of Urgent.ly Inc. common stock at an average price of $1.6969, while on the following day, he sold an additional 600 shares at an average price of $1.7867. The shares were sold in multiple transactions with prices ranging from $1.68 to $1.85.
Following these transactions, Volkow continues to hold 570,408 shares of the company, indicating his ongoing significant investment in Urgent.ly Inc. The sales were executed in accordance with a pre-arranged Rule 10b5-1 trading plan, which was adopted on November 20, 2023. This trading plan allows company insiders to sell shares over a predetermined period of time to avoid concerns about transactions based on access to non-public information.
Investors and market observers often monitor insider sales as they provide insights into executives' perspectives on their company's current valuation. Urgent.ly Inc., based in Vienna, Virginia, operates within the computer processing and data preparation sector, and continues to be a player in the technology services industry.
The transactions were signed off by Timothy Huffmyer, who has the power of attorney, on July 3rd, 2024. For those interested in the specifics of the transactions, including the exact number of shares sold at each price point within the reported ranges, Volkow has agreed to provide full information upon request to the issuer, any security holder, or the staff of the SEC.
In other recent news, Urgent.ly Inc. disclosed outcomes from its 2024 Annual Meeting of Stockholders. The two primary proposals on the table were the election of Class I directors and the ratification of the firm's independent auditors for the upcoming fiscal year. Gina Domanig and Ryan Pollock were elected as Class I directors, to serve until the 2027 annual meeting or until their successors are elected and qualified. Shareholders also unanimously approved the appointment of CohnReznick LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These recent developments highlight the company's commitment to governance and accountability.
InvestingPro Insights
Amid the recent insider sales at Urgent.ly Inc. (NASDAQ:ULY), investors may be seeking additional context to understand the company's financial health and market position. According to InvestingPro data, Urgent.ly has a market capitalization of $22.82 million, reflecting the market's current valuation of the company. With a negative adjusted P/E ratio of -2.32 for the last twelve months as of Q1 2024, the company's earnings perspective appears challenging.
The company's revenue has declined by 11.09% over the last twelve months as of Q1 2024, which aligns with the InvestingPro Tip that analysts are anticipating a sales decline in the current year. This could potentially be a factor influencing insider sales decisions. Additionally, Urgent.ly's gross profit margin stands at 21.68% for the same period, which may be considered weak in comparison to industry standards, supporting another InvestingPro Tip regarding the company's profit margins.
Investors should note that Urgent.ly Inc. is trading at a low revenue valuation multiple, which might attract those looking for value opportunities, especially when considering the stock's significant price drop of 67.5% over the past year. Urgent.ly does not pay a dividend, which could influence the investment decisions of income-focused shareholders. For a more comprehensive analysis, including additional InvestingPro Tips that shed light on Urgent.ly Inc.'s financials and market performance, interested parties can visit https://www.investing.com/pro/ULY. There are currently 7 additional InvestingPro Tips available, which could provide deeper insights into the company's prospects. Remember to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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