Diwakar Choubey, CEO and Director of MoneyLion Inc. (NYSE:ML), has sold a total of $1,527,591 worth of company stock, according to a recent SEC filing. The transactions, which took place on July 16, 2024, involved shares of MoneyLion's Class A Common Stock and were executed within a price range of $85.70 to $87.30.
The reported sales were made under a prearranged trading plan that complies with Rule 10b5-1(c), which allows insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. This plan had been established by Choubey on March 13, 2024.
The sales occurred in multiple transactions with prices for the Class A Common Stock ranging from $85.12 to $86.10 for one set of transactions, and between $86.12 to $87.1150 for another set, culminating in the highest reported sales at prices from $87.13 to $87.50 per share. The prices reported reflect the weighted average price per share sold during the day.
Following these transactions, the CEO still owns a substantial number of shares, including restricted stock units and performance share units, which are contingent rights to receive shares of Class A Common Stock. These holdings indicate a continued vested interest in the company's performance.
The filing also notes that Choubey disclaims beneficial ownership of certain shares held indirectly, for example by his spouse and various trusts, except to the extent of his pecuniary interest therein.
Investors often monitor insider sales for insights into how executives perceive the company's valuation and future prospects. However, it is important to note that such sales do not always indicate a lack of confidence in the company and may be part of personal financial planning strategies.
MoneyLion Inc., headquartered in New York, operates within the financial services sector and is incorporated in Delaware. The company was previously known as Fusion Acquisition Corp. before changing its name.
In other recent news, MoneyLion Inc. has reported significant strides in its financial performance and strategic decisions. The company revealed a record-breaking first quarter for 2024, with a 29% year-over-year increase in quarterly revenue, amounting to $121 million. The fintech firm also noted a remarkable surge in its customer base, growing by 98% to a total of 15.5 million customers.
MoneyLion's adjusted EBITDA reached a record at $23 million, a 19.4% margin. The company attributes this strong performance to product expansion, strategic partnerships, and its focus on becoming a unified consumer platform. Projections for the upcoming quarter suggest continued growth, with expected Q2 revenue to be between $125 million and $130 million, and adjusted EBITDA between $17 million and $20 million.
In other developments, MoneyLion's shareholders recently elected three Class III directors and ratified the appointment of RSM US LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. These are the recent developments regarding MoneyLion Inc.
InvestingPro Insights
Amidst the news of Diwakar Choubey's recent stock sales, investors in MoneyLion Inc. (NYSE:ML) are keen to understand the company's financial health and future prospects. According to InvestingPro data, MoneyLion currently has a market capitalization of $950.87M. The company's revenue for the last twelve months as of Q1 2024 is reported at $450.77M, marking a substantial growth of 23.6%. This positive trajectory is further underscored by a gross profit margin of 50.7% during the same period.
InvestingPro Tips for MoneyLion highlight that the company is expected to see net income growth this year, which aligns with analysts' predictions of profitability within the year. Additionally, the stock has experienced a significant return over the last week, with a 9.38% price total return. These metrics suggest a potentially favorable outlook for the company, despite the insider sales.
For investors looking to delve deeper into MoneyLion's performance and potential, there are additional InvestingPro Tips available, which may provide further insights into the company's valuation and stock behavior. Subscribers to InvestingPro can access these tips to make more informed investment decisions. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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