Chris Sugden, a director at MoneyLion Inc. (NYSE:ML), sold 25,000 shares of Class A common stock on December 6, according to a recent SEC filing. The company, currently valued at $855 million, has seen its stock surge 95.6% over the past year, according to InvestingPro data. The shares were sold at an average price of $86.2152, totaling approximately $2.15 million. Following the transaction, Sugden's indirect ownership, through Edison Partners VIII, L.P., stands at 1,062,505 shares, while his direct holdings include 11,387 shares, which encompass certain restricted stock units. Trading at a high P/E ratio of 287x, MoneyLion shows strong momentum but elevated volatility. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of ML's valuation metrics and growth prospects.
In other recent news, financial technology company MoneyLion reported a record Q3 revenue of $135 million, marking a 23% increase from the previous year. The robust performance led to an upward revision of its full-year revenue guidance to a range of $536 million to $541 million. The firm also recorded an adjusted EBITDA of $24 million, reflecting an 18% margin, credited to significant customer growth, reaching 18.7 million, and the expansion of its enterprise segment.
In the wake of these developments, Needham maintained a Buy rating on MoneyLion's shares, increasing the price target to $100 from $70. This adjustment follows MoneyLion's Q3 results, which met Wall Street expectations and exceeded consensus on EBITDA. The company's guidance for the fourth quarter surpassed expectations, attributed to the growing strength of MoneyLion's enterprise business.
The firm further launched MoneyLion Checkout to enhance conversion rates for enterprise partners, showing positive early indicators, including a 25% improvement in click-through rates. However, one-time legal expenses totaling $8 million affected EBITDA adjustments. As part of strategic initiatives, MoneyLion plans to invest in brand marketing to enhance direct-to-consumer offerings and expand into new financial verticals such as auto loans and insurance. These recent developments highlight MoneyLion's continued growth in the evolving financial services landscape.
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