Adam VanWagner, Chief Legal Officer and Secretary of MoneyLion Inc. (NYSE:ML), has recently executed stock sales amounting to $786,406, according to a recent SEC filing. The transactions included two separate sales of Class A Common Stock. On November 13, VanWagner sold 2,532 shares at a price of $90.00 each. Subsequently, on November 15, he sold an additional 6,972 shares at $80.11 per share.
These sales were conducted under a written trading plan designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934. Following these transactions, VanWagner holds 93,629 shares of MoneyLion, as reported in the filing.
In other recent news, financial technology company MoneyLion has been the subject of positive attention from Needham, which maintained a Buy rating on the company and increased the price target to $100 from $70. This decision came in the wake of MoneyLion's strong Q3 performance, which showcased revenue in line with Wall Street expectations and an EBITDA that exceeded consensus. The company's Q4 guidance, which surpassed expectations, was also highlighted as a factor contributing to the price target adjustment.
MoneyLion's Q3 results revealed a record revenue of $135 million, marking a 23% increase from the previous year, and an adjusted EBITDA of $24 million, reflecting an 18% margin. These results were attributed to significant customer growth, which reached 18.7 million, and the expansion of its enterprise segment. The company also launched MoneyLion Checkout to enhance conversion rates for enterprise partners, showing positive early indicators.
MoneyLion's full-year revenue guidance was revised upwards to a range of $536 million to $541 million. However, it's worth noting that the company reported one-time legal expenses totaling $8 million, which affected EBITDA adjustments. The firm anticipates continued growth in consumer and enterprise revenue streams and plans to invest in brand marketing to enhance direct-to-consumer offerings. These recent developments highlight the company's strategic initiatives, including the expansion into new financial verticals such as auto loans and insurance.
InvestingPro Insights
The recent stock sales by MoneyLion's Chief Legal Officer come at a time when the company's financial metrics and market performance present an intriguing picture. According to InvestingPro data, MoneyLion's market capitalization stands at $889.32 million, reflecting its position in the fintech sector. The company has shown strong revenue growth, with a 23.4% increase in the last twelve months as of Q3 2024, indicating positive momentum in its business operations.
InvestingPro Tips highlight that MoneyLion has experienced a "Strong return over the last month" and "Strong return over the last three months," with price total returns of 79.62% and 70.92% respectively. This aligns with the timing of VanWagner's stock sales, suggesting he may be capitalizing on the recent price appreciation.
It's worth noting that while the company's stock has shown impressive short-term gains, it's currently trading at a high P/E ratio of 294.02. An InvestingPro Tip points out that the stock is "Trading at a high earnings multiple," which investors should consider when evaluating the company's valuation.
For those seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for MoneyLion, providing deeper insights into the company's financial health and market position.
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