In recent transactions reported to the Securities and Exchange Commission, Diwakar Choubey, CEO and Director of MoneyLion Inc. (NYSE:ML), sold a significant amount of the company's Class A common stock. Over the course of two days, November 27 and November 29, Choubey sold a total of 16,800 shares. The shares were sold at prices ranging from $90.0118 to $91.0036 per share, resulting in total proceeds of approximately $1,519,157. The transaction comes as MoneyLion's stock has surged 115% over the past year, with InvestingPro data showing the company trading at a P/E ratio of 287 and maintaining strong revenue growth of 23.4%.
Following these transactions, Choubey holds 674,025 shares directly. Additionally, indirect holdings include shares held by his spouse and various trusts. These transactions were conducted under a pre-established trading plan, intended to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934. According to InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ US stocks, MoneyLion's technical indicators suggest the stock is currently in overbought territory.
In other recent news, financial technology firm MoneyLion reported robust financial results for the third quarter. The company generated a record revenue of $135 million, marking a 23% increase from the previous year. Adjusted EBITDA for the quarter also hit a record high at $24 million, reflecting an 18% margin. These strong results are attributed to a significant increase in the customer base, which has reached 18.7 million, and the expansion of its enterprise segment.
In addition, Needham maintained a Buy rating on MoneyLion shares and raised the price target to $100 from $70. The firm's decision was influenced by the company's third-quarter results that aligned with Wall Street expectations and an EBITDA that exceeded consensus. Moreover, MoneyLion's guidance for the fourth quarter surpassed expectations, which Needham attributed to the growing strength of the company's enterprise business.
MoneyLion also launched MoneyLion Checkout to improve conversion rates for enterprise partners, showing positive early indicators. Despite one-time legal expenses totaling $8 million affecting EBITDA adjustments, the company plans to continue its growth in consumer and enterprise revenue streams and invest in brand marketing to enhance its direct-to-consumer offerings. These recent developments indicate MoneyLion's strategic initiatives for continued growth in the financial services landscape.
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