WM Technology, Inc. (NASDAQ:MAPS) Director Brenda Freeman has sold a significant number of shares in the company, according to a recent filing. Freeman disposed of 90,396 shares at an average price of $1.0102, totaling approximately $91,318. The transaction was executed on June 24, 2024, and was part of an automated trading plan set up in advance.
The sales took place at varying prices ranging from $1.0001 to $1.0401, with the reported price representing a weighted average. The move was primarily to cover tax withholding obligations related to the vesting of restricted stock units and to pay any related brokerage commission fees.
Following the transaction, Freeman's ownership in WM Technology stands at 495,193 shares of Class A common stock. The sale was conducted under a 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information.
Investors often monitor insider transactions as they may provide insights into a company's performance and the confidence level of its executives and directors. In the case of WM Technology, the recent filing provides a clear picture of Freeman's stock sale activities.
The company, which specializes in prepackaged software services, has not made any additional comments regarding the transaction. Interested parties can request more detailed information on the exact prices and number of shares sold at each price from WM Technology or directly from the SEC.
In other recent news, WM Technology, Inc. is facing a Nasdaq compliance issue due to delayed filing of 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, as well as its annual report for the year ending December 31, 2023. WM Technology attributes the delay to a recent change in executive finance leadership, which also affected the completion of its annual report.
In addition to the compliance issue, WM Technology announced a delay in its annual filing, revealing preliminary results for 2023. The company expects revenue to be between approximately $185 million and $195 million, with adjusted EBITDA anticipated to be in the range of $33 million to $37 million. It also reported an approximate 20% increase in cash on hand, with $34 million as of December 31, 2023, up from $28.6 million the previous year.
These developments are part of the company's recent efforts to finalize its financial statements and regain compliance with Nasdaq's listing rule. The company is working diligently to meet the requirements before the deadline to submit the compliance plan.
InvestingPro Insights
WM Technology, Inc. (NASDAQ:MAPS) has been navigating a dynamic market landscape, as evidenced by recent insider trading activity and market performance metrics. Director Brenda Freeman's stock sale coincides with a period of notable volatility in the company's stock price. According to InvestingPro data, MAPS experienced a significant 1-week price total return of -12.8%, yet the 6-month price total return reveals a substantial uptick of 27.58% as of the latest available data.
The company's financial health and operational efficiency are highlighted by an impressive gross profit margin of 93.9% over the last twelve months as of Q1 2024. This figure suggests that WM Technology has maintained strong control over its cost of goods sold, which is a positive sign for potential investors. However, it's also important to note that the company's revenue has seen a decline of -9.06% during the same period, indicating some challenges in growing top-line sales.
For those considering an investment in WM Technology, InvestingPro Tips suggest that the company operates with a moderate level of debt and does not pay a dividend to shareholders. Furthermore, analysts predict that the company will be profitable this year, which may provide a potential upside for the stock. With a market capitalization of $172.65 million and a forward-looking P/E ratio of 13.53, investors may find WM Technology's valuation attractive, especially considering the company's strong free cash flow yield implied by these numbers.
For more in-depth analysis and additional InvestingPro Tips, which currently list 10 further tips for WM Technology, investors can explore the full suite of tools and insights available with an InvestingPro subscription. Don't forget to use the coupon code PRONEWS24 to get 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.