WM Technology, Inc. (NASDAQ:MAPS) director Gordon Scott has recently executed a significant stock sale, according to the latest SEC filings. On June 24, 2024, Scott sold a total of 112,994 shares of WM Technology's Class A common stock at a weighted-average price of $1.0114 per share. The total value of the transaction amounted to over $114,282.
The sales were made as part of a pre-arranged 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading. This plan was adopted by Scott on June 9, 2023. It is worth noting that the shares were sold at varying prices ranging from $1.0001 to $1.0401, as indicated in a footnote of the SEC filing. The exact number of shares sold at each price is available upon request from the SEC, the issuer, or any security holder of the issuer.
Following the transaction, Gordon Scott still owns a substantial number of shares in the company, with his holdings totaling 258,221 shares of Class A common stock. The sale was partially conducted to cover applicable tax withholding obligations that arose from the vesting of restricted stock units, as well as to pay for any related brokerage commission fees.
WM Technology, Inc., previously known as Silver Spike Acquisition Corp., operates within the prepackaged software services industry and is incorporated in Irvine, California. The company's stock trades on the NASDAQ under the ticker symbol MAPS.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. However, it's important to note that such transactions do not always indicate a change in company fundamentals and can be influenced by various personal financial considerations.
In other recent news, WM Technology, Inc. has been grappling with Nasdaq compliance due to delayed filing of its required financial reports. The technology firm received a delinquency notification from Nasdaq for not submitting its quarterly report for the period ending March 31, 2024, and its annual report for the year ending December 31, 2023. The delay in filing was attributed to a recent change in executive finance leadership.
In another development, WM Technology has reported a delay in its annual filing, citing changes in its executive finance team. The company also revealed preliminary financial results for 2023, expecting revenue to fall between approximately $185 million and $195 million, with adjusted EBITDA anticipated to be in the range of $33 million to $37 million. Additionally, the firm reported an approximate 20% increase in cash on hand, with $34 million as of December 31, 2023, up from $28.6 million the previous year.
The company is now diligently working to finalize its financial statements and intends to file the annual report promptly, hoping to do so before the deadline to submit the compliance plan. These are among the recent developments concerning WM Technology, Inc.
InvestingPro Insights
WM Technology, Inc. (NASDAQ:MAPS) has been navigating a dynamic market environment, as reflected by the recent insider stock sale. In light of this, the InvestingPro platform provides a deeper dive into the company's financial metrics and performance indicators that could be valuable for investors assessing the company's current situation.
InvestingPro Data metrics indicate a market capitalization of $172.65 million, underscoring WM Technology's position in the market. Despite a notable decline in stock price over the past week with a -12.8% return, the company has experienced a 27.58% price uptick over the last six months, suggesting a volatile yet potentially recovering stock performance.
The company's impressive gross profit margin stands at 93.9% for the last twelve months as of Q1 2024, which is a testament to its ability to maintain profitability on the cost of goods sold. This is particularly noteworthy as the company operates with a moderate level of debt, which is a positive sign for risk-averse investors.
InvestingPro Tips for WM Technology highlight the company's high shareholder yield and strong free cash flow yield as valuation implies. These metrics can be particularly appealing to investors looking for companies with the potential for return on investment. Furthermore, analysts predict that WM Technology will turn profitable this year, which could be a significant turning point for the company's financial health.
For those interested in further insights and additional tips, InvestingPro offers more in-depth analysis at https://www.investing.com/pro/MAPS. There are 9 additional InvestingPro Tips available on the platform, which can be accessed with an exclusive offer. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive understanding of WM Technology's financial landscape and investment potential.
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