Ben Volkow, a director at Urgent.ly Inc. (NASDAQ:ULY), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The sale comes as the company's stock has declined 82% over the past year, with the current share price at $0.47. According to InvestingPro data, the company operates with a significant debt burden and faces cash burn challenges. On January 21, Volkow sold 8,800 shares at a weighted average price that ranged between $0.4717 and $0.5351, totaling approximately $4,314. The following day, January 22, he sold an additional 18,278 shares at prices between $0.434 and $0.50, bringing in around $8,130. These transactions, executed under a Rule 10b5-1 trading plan adopted in November 2023, resulted in a total sale value of $12,444. Following these sales, Volkow holds 366,484 shares of Urgent.ly, which represents a significant portion of the company's $5.94M market capitalization. Want deeper insights into ULY's financial health and 12 more exclusive ProTips? Unlock comprehensive analysis with InvestingPro.
In other recent news, Urgent.ly's earnings and revenue have been impacted by customer churn and volatility in the number of vehicles on the road, leading to a reassessment of its price target by Needham. The financial advisory firm has revised its target from $2.00 to $1.50, maintaining a Buy rating on the company's shares. This decision follows Urgent.ly's third-quarter results and subsequent company commentary.
Despite the challenges, Needham remains optimistic about Urgent.ly's long-term prospects, citing the company's innovative technology and use of geospatial data. The revised price target is based on a 5x multiple of their forecasted adjusted EBITDA for the fiscal year 2026.
In addition to financials, Urgent.ly has seen some recent developments. The company has renewed a three-year contract with a global automotive fleet management company, extending their collaboration to nine years. It has also divested its subsidiary, The Floow, retaining a 49% stake and a royalty-free license for its technology. Furthermore, Urgent.ly has expanded its partnership with a global automotive OEM to include services in Canada.
In internal company news, 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 among the latest developments for Urgent.ly.
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