WM Technology, Inc. (NASDAQ:MAPS) director Anthony Bay has recently sold a portion of his company shares, according to the latest filings with the Securities and Exchange Commission. The transaction, which took place on June 24, involved the sale of 67,797 shares of Class A common stock at an average price of $1.0143 per share, totaling approximately $68,766.
The sales were executed at varying prices ranging from $1.0001 to $1.0401. The disclosed weighted-average sale price reflects the range of values at which the stock was sold. This transaction was part of a pre-arranged 10b5-1 trading plan, which Bay had adopted on June 13, 2023. Such plans allow company insiders to set up a predetermined schedule for buying or selling stocks at a future date, providing a defense against potential claims of trading on insider information.
Following the sale, Anthony Bay's remaining direct ownership in WM Technology stands at 405,031 shares of Class A common stock. It is noted that the shares were sold primarily to cover tax withholding obligations that arose upon the vesting of restricted stock units, in addition to covering any related brokerage commission fees.
The recent transaction provides investors with insight into the trading activities of WM Technology's insiders. Shareholders and potential investors often monitor such sales as part of their due diligence in understanding the stock's performance and the confidence level of company executives and directors in their firm's prospects.
For those interested in WM Technology's stock movements and insider trading, further details regarding the specific number of shares sold at each price point can be requested from the reporting person, as indicated in the SEC filing.
In other recent news, WM Technology, Inc., the parent company of Weedmaps, has been grappling with Nasdaq compliance due to delays in filing its required financial reports. The technology firm received a delinquency notification from Nasdaq for not submitting its quarterly report for the period ending March 31, 2024, and its annual report for the year ending December 31, 2023. The company attributes these delays to recent changes in executive finance leadership.
Despite these challenges, WM Technology has released preliminary financial results for 2023, with expected revenue to fall between approximately $185 million and $195 million. Adjusted EBITDA is anticipated to be in the range of $33 million to $37 million. Additionally, the company reported an approximate 20% increase in cash on hand, with $34 million as of December 31, 2023.
These recent developments also include the discovery of material weaknesses in the company's internal controls over financial reporting, which pertain to the maintenance of control environment components, risk assessment, mitigation controls, and IT controls. WM Technology is working diligently to finalize its financial statements and intends to file the annual report promptly.
InvestingPro Insights
WM Technology, Inc. (NASDAQ:MAPS) director Anthony Bay's recent stock sale coincides with a period of notable financial metrics for the company. With a market capitalization of $172.65 million, WM Technology has demonstrated some impressive financial characteristics, despite not paying dividends to shareholders. The company's gross profit margin for the last twelve months as of Q1 2024 stands at a remarkable 93.9%, showcasing its ability to maintain a high level of profitability relative to revenue.
InvestingPro data also reveals that the company's stock has experienced significant volatility, with a 1-week price total return of -12.8%, and yet, over a 6-month period, the stock has seen a large price uptick with a total return of 27.58%. This suggests that while the company has faced short-term challenges, it has also encountered periods of strong performance. Additionally, analysts predict that WM Technology will be profitable this year, a potential indicator of a turnaround in its financial health.
For investors seeking a deeper analysis, two InvestingPro Tips highlight key aspects of WM Technology's financial status: the company operates with a moderate level of debt, which may offer some stability, and it is trading at a high Price / Book multiple of 8.11, which could signal that the market has high expectations for the company's asset value or future growth.
For more detailed insights and additional InvestingPro Tips, such as the company's valuation implications and shareholder yield, visit InvestingPro. Subscribers can access a total of 10 tips, providing a comprehensive understanding of WM Technology's financial landscape. To enhance your investment research, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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