In a remarkable display of market confidence, Megalith Financial Acquisition Corp's stock (BMTX) has reached a 52-week high, climbing to $4.87. This milestone underscores a period of significant growth for the company, which has seen its stock value more than double over the past year, with an impressive 1-year change of 101.26%. Investors have rallied behind BMTX, buoyed by strong financial performance and positive market sentiment, propelling the stock to new heights and setting a robust precedent for the company's future trajectory.
In other recent news, BM Technologies has re-engaged KPMG for the review of its third quarter financial statements of 2024, following KPMG's resignation in August of the same year. The re-engagement is directly associated with a pending merger agreement with First Carolina Bank, an all-cash transaction valued at $67 million. Northland, an independent investment banking firm, has adjusted its rating of BM Technologies from Outperform to Market Perform after the acquisition announcement.
BM Technologies reported a 10% year-over-year increase in operating revenues, reaching $12.5 million for the second quarter of 2024, despite a core EBITDA loss of $880,000 for the quarter. However, the company anticipates a positive core EBITDA for the full year. Following these developments, Northland upgraded BM Technologies' stock from Market Perform to Outperform, indicating potential gains due to strategic alternatives and anticipated growth in adjusted EBITDA.
The company's focus on its Higher Education business and decision to exit its partnership with T-Mobile are expected to contribute to an increase in adjusted EBITDA to approximately $10 million by 2025. These are recent developments that investors might find noteworthy.
InvestingPro Insights
BMTX's recent surge to a 52-week high is further illuminated by InvestingPro data, which reveals a staggering 176.61% price total return over the past six months. This exceptional performance is complemented by a 93.06% return over the last year, aligning with the article's mention of the stock more than doubling in value.
InvestingPro Tips highlight that BMTX is currently trading near its 52-week high, with the stock price at 98.5% of its peak. This corroborates the article's emphasis on the stock's recent milestone. Additionally, the strong returns over the last month (41.62%) and three months (70.76%) underscore the momentum behind BMTX's growth trajectory.
It's worth noting that despite the impressive stock performance, InvestingPro Tips indicate that analysts do not anticipate the company will be profitable this year, and it has not been profitable over the last twelve months. This presents an interesting contrast to the stock's market performance and suggests that investors are betting on future potential rather than current profitability.
For readers seeking a deeper understanding of BMTX's financial landscape, InvestingPro offers 5 additional tips that could provide valuable insights into the company's prospects and market position.
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