Urgent.ly Inc. (NASDAQ:ULY) Director Ben Volkow has recently sold a portion of his holdings in the company, according to the latest SEC filings. The transactions, which took place on July 10th and 11th, involved the sale of a total of 3,100 shares of Common Stock for over $4,500.
On July 10th, Volkow sold 1,400 shares at a weighted average price of $1.4881, with individual transactions ranging from $1.48 to $1.52. The following day, he sold an additional 1,700 shares at a weighted average price of $1.4489, with prices ranging from $1.38 to $1.53 per share. These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which Volkow had adopted on November 20, 2023.
After the reported transactions, Volkow's ownership in Urgent.ly Inc. stands at 561,008 shares of Common Stock. The sales represent a minor adjustment to the director's investment in the company, which offers computer processing and data preparation services.
Investors and followers of Urgent.ly Inc. can request detailed information about the number of shares sold at each price point within the provided ranges by contacting the issuer, any security holder of the issuer, or the SEC staff, as Volkow has undertaken to provide full information upon request.
The transactions were signed off by Timothy Huffmyer, by power of attorney, on July 12th, as indicated in the SEC filing. Urgent.ly Inc. has not made any official statement regarding the director's stock sale at the time of this report.
In other recent news, Urgent.ly Inc. disclosed the outcomes of its 2024 Annual Meeting of Stockholders. The shareholders voted on significant proposals, including the election of Class I directors and the ratification of the company's independent auditors for the forthcoming fiscal year.
Gina Domanig and Ryan Pollock were elected as Class I directors, with their tenure extending until the 2027 annual meeting or until their successors are elected and qualified. The shareholders also unanimously approved the appointment of CohnReznick LLP as the independent registered public accounting firm for Urgent.ly Inc. for the fiscal year ending December 31, 2024.
These recent developments are part of a broader context, with the company's shareholders exercising their voting power to shape the company's strategic direction and operational oversight. The definitive details of the matters voted upon were filed with the Securities and Exchange Commission on April 29, 2024.
InvestingPro Insights
Amidst the recent news of Urgent.ly Inc.'s (NASDAQ:ULY) Director Ben Volkow selling a portion of his company shares, investors might be seeking deeper insights into the company's financial health and market performance. According to InvestingPro data, Urgent.ly Inc. has a market capitalization of 18.93 million USD, which is relatively small, reflecting the scale of the business in the competitive tech industry. Moreover, the company's P/E Ratio stands at a strikingly low 0.26, though this figure dips into the negative when adjusted for the last twelve months as of Q1 2024, coming in at -1.94.
The company's revenue has declined by 11.09% over the last twelve months as of Q1 2024, aligning with the concerns raised by analysts who anticipate a sales decline in the current year. This is an important consideration for investors as it may signal challenges in the company's ability to grow its top-line figures. Additionally, Urgent.ly Inc. has been trading near its 52-week low, with the price at the previous close at 1.41 USD. This could indicate a potential undervaluation or reflect underlying issues that investors should be aware of.
InvestingPro Tips highlight that Urgent.ly Inc. is quickly burning through cash and suffers from weak gross profit margins, which are crucial factors when assessing the company's long-term financial sustainability. Furthermore, the company's short-term obligations exceed its liquid assets, a situation that could pose liquidity risks. For investors considering the company's stock, these insights suggest a need for caution and further analysis.
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