Urgent.ly Inc. (NASDAQ:ULY) director Ben Volkow has sold a total of 2,800 shares of company stock, according to a recent SEC filing. The transactions, which took place on August 19 and 20, 2024, resulted in a total sale value exceeding $2,500.
On the first day, Volkow sold 800 shares at an average price of $0.9523, with individual transactions in a price range from $0.9349 to $0.9683. The following day, an additional 2,000 shares were sold at an average price of $0.8839, with sales prices varying between $0.8517 and $0.9350.
After these transactions, Volkow's holdings in Urgent.ly Inc. decreased to 526,152 shares. The sales were conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information.
Investors often monitor insider transactions as they can provide insights into executives' confidence in the company's prospects. However, it is important to note that such sales can also be motivated by personal financial management and do not necessarily indicate a negative outlook for the company.
The reported transactions are part of routine disclosures made by company insiders, which are required by SEC regulations to ensure transparency and fair dealing in the securities markets.
In other recent news, Urgent.ly, the roadside assistance specialist, has experienced a series of noteworthy developments. Following the release of its second-quarter results, Needham has maintained a Buy rating on Urgent.ly's stock, albeit with a lowered price target from $5.00 to $2.00. This revision is attributed to a squeeze in gross margins and operational expenditures surpassing expectations.
Further, Urgent.ly has renewed and expanded contracts with key customers, which has helped to alleviate concerns after the loss of a major client. The company also anticipates long-term revenue growth in the range of 20-30%. However, expectations for top-line growth have been adjusted to the lower end of this range.
In addition, Urgent.ly has expanded its partnership with a leading global automotive OEM, extending its services to Canada. This seven-year agreement continues Urgent.ly's support for the OEM's warranty roadside assistance program and post-warranty membership plans. Lastly, shareholders have elected Class I directors and ratified the company's independent auditors for the upcoming fiscal year in the 2024 Annual Meeting of Stockholders.
InvestingPro Insights
As Urgent.ly Inc. (NASDAQ:ULY) navigates the market, recent insider transactions by director Ben Volkow have caught the attention of investors. To provide a broader financial context, InvestingPro data reveals a market capitalization of just 12.12 million USD for Urgent.ly Inc., indicating a relatively small size within the market landscape. With a negative adjusted P/E ratio over the last twelve months as of Q2 2024, standing at -0.98, the company's earnings perspective appears challenging. Additionally, the revenue has seen a decline, with a -16.15% change over the last twelve months, reflecting potential headwinds in sales.
Delving into the InvestingPro Tips, Urgent.ly's stock is suggested to be in oversold territory according to the RSI, which could interest traders looking for a potential rebound. Moreover, the company is trading at a low revenue valuation multiple, which may suggest an undervaluation of its sales relative to the stock price. For investors seeking a comprehensive analysis, InvestingPro offers a wealth of additional tips, totaling 14 for Urgent.ly Inc., which can be accessed to gain deeper investment insights.
These financial metrics and InvestingPro Tips can help investors understand the backdrop against which the insider sales occurred and evaluate Urgent.ly Inc.'s current financial health and future prospects. For those interested in further analysis, the additional tips available on InvestingPro could provide valuable guidance.
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