Moneylion Inc. (NYSE:ML) Chief Product Officer Timmie Hong has sold a total of $632,884 worth of company stock, according to recent SEC filings. The transactions, which took place on July 16, 2024, involved the sale of shares at prices ranging from $80.118 to $86.7155.
Hong's sales were executed in multiple trades, selling shares in different batches at varying prices within the stated range. The highest recorded price per share for these transactions was $86.7155, while the lowest was $80.118. These sales were conducted under a pre-arranged trading plan known as Rule 10b5-1, which allows company insiders to set up a trading plan for selling stocks they own in advance.
In addition to the sales, the SEC filing also reported that Hong acquired shares through the exercise of stock options. These "buy" transactions amounted to a total of $31,500, with prices per share at $6.6 and $12.0. It is worth noting that these acquisitions are separate from the sales and are often part of compensation or incentive plans for executives.
Following the reported transactions, Hong's ownership in Moneylion Inc. stands at a total of 115,697 shares of Class A Common Stock. This figure includes restricted stock units and performance share units, which represent a contingent right to receive shares of the company's stock.
Moneylion Inc. has not made any official statement regarding the transactions, and it is common for executives to buy or sell shares for reasons that may include diversifying their investment portfolio or liquidity needs. Investors often monitor insider trading activities as they can provide insights into an executive’s view of the company's future prospects.
The reported transactions are detailed in the SEC Form 4, a document that must be filed by company insiders to report any changes in their company stock holdings.
In other recent news, MoneyLion Inc. has reported a record-breaking first quarter for 2024. The company's quarterly revenue rose by 29% year-over-year to $121 million. Additionally, the customer base grew by a notable 98%, reaching a total of 15.5 million customers. The company's adjusted EBITDA also hit a record at $23 million, a 19.4% margin.
In their 2024 Annual Meeting of Stockholders, MoneyLion Inc. 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. The elected Class III directors, who will serve until the 2027 Annual Meeting, are Matt Derella, Annette Nazareth, and Michael Paull.
Despite market conditions affecting conversion rates in the lending business, MoneyLion remains confident in maintaining a strong EBITDA margin. For the upcoming quarter, the company projects continued growth in revenue and adjusted EBITDA, expecting Q2 revenue to be between $125 million and $130 million, and adjusted EBITDA between $17 million and $20 million. These are the recent developments regarding MoneyLion Inc.
InvestingPro Insights
As Moneylion Inc. (NYSE:ML) navigates the financial markets, a closer look at the company's recent performance and future prospects can be gleaned from InvestingPro data and tips. Notably, Moneylion's market capitalization stands at a robust $950.87 million, reflecting investor confidence to some extent. Additionally, the company has demonstrated a substantial year-over-year revenue growth of 23.6% as of the last twelve months ending in Q1 2024, which is a positive indicator of its business momentum.
InvestingPro Tips highlight that Moneylion's stock has experienced a significant return over the last week, with a 9.38% price total return, and an impressive 614.77% return over the past year. This suggests that the company's stock has been on a strong upward trajectory, which may intrigue investors looking for growth opportunities. Moreover, the company's liquid assets have been reported to exceed short-term obligations, indicating a healthy liquidity position that can reassure investors of the company's ability to meet its immediate financial commitments.
However, it's important to note that Moneylion Inc. has been operating at a loss, with a negative P/E ratio of -27.36, and analysts have not yet seen profitability over the last twelve months. Nonetheless, there is an optimistic outlook among analysts who predict the company will turn profitable this year, which could be a pivotal point for potential investors.
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