Ben Volkow, a director at Urgent.ly Inc. (NASDAQ:ULY), recently sold shares of the company's common stock worth approximately $1,392. The transactions, which took place on November 18 and 19, were conducted under a pre-established Rule 10b5-1 trading plan.
In detail, Volkow sold 1,100 shares on November 18 at a weighted average price of $0.5622 per share. The following day, he sold an additional 1,400 shares at a weighted average price of $0.5532 per share. These sales were executed within price ranges of $0.5556 to $0.5658 and $0.548 to $0.579, respectively.
Following these transactions, Volkow holds 445,218 shares of Urgent.ly. The sales were part of a strategy outlined in a trading plan adopted in November 2023, allowing for systematic transactions over a specified period.
In other recent news, Urgent.ly has made significant strides in its business operations. The company recently reported third-quarter results, which prompted Needham to adjust its price target for Urgent.ly's shares from $2.00 to $1.50, while maintaining a Buy rating. This adjustment was based on the firm's forecasted adjusted EBITDA for fiscal year 2026. The financial advisory firm acknowledged the challenges Urgent.ly faces in its growth trajectory, citing customer churn and volatility in the number of vehicles on the road as factors impacting the demand for roadside services.
In addition to financial developments, Urgent.ly has also renewed a three-year contract with a key global automotive fleet management company, extending their collaboration to nine years. This renewal underscores the company's commitment to delivering value through its services and advanced technology.
Furthermore, Urgent.ly has strategically divested its subsidiary, The Floow, retaining a 49% stake and a perpetual royalty-free license for The Floow's technology. This move aims to streamline the company's focus on its core business.
In other developments, Urgent.ly shareholders elected Gina Domanig and Ryan Pollock as Class I directors and ratified CohnReznick LLP as the company's independent auditors for the upcoming fiscal year. These are some of the recent developments surrounding Urgent.ly.
InvestingPro Insights
The recent insider sale by Ben Volkow comes at a challenging time for Urgent.ly Inc. (NASDAQ:ULY). According to InvestingPro data, the company's stock has taken a significant hit, with a 1-week price total return of -19.83% and a 6-month price total return of -75.99%. This downward trend aligns with an InvestingPro Tip indicating that the stock is trading near its 52-week low.
Urgent.ly's financial health also appears precarious. The company's revenue for the last twelve months as of Q3 2024 stood at $155.93 million, with a concerning revenue growth rate of -18.61%. This decline in sales is further emphasized by another InvestingPro Tip, which notes that analysts anticipate a sales decline in the current year.
Despite these challenges, it's worth noting that Urgent.ly remains profitable over the last twelve months, as highlighted by an InvestingPro Tip. However, with an adjusted P/E ratio of 0.57, the market seems to be pricing in significant uncertainty about the company's future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Urgent.ly, providing a deeper understanding of the company's financial position and market performance.
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