WM Technology, Inc. (NASDAQ:MAPS) director Olga Gonzalez has recently sold a significant number of shares in the company. On June 24, 2024, Gonzalez sold 90,396 shares of Class A common stock at an average price of $1.0105 per share, totaling approximately $91,345. The shares were sold in a range of $1.0001 to $1.0401, as per the weighted-average sales price.
The transaction was executed in accordance with a pre-arranged 10b5-1 trading plan, which Gonzalez had adopted on June 14, 2023. Such plans allow company insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information. It was noted that the number of shares sold was necessary to cover applicable tax withholding obligations that arose upon the vesting of restricted stock units, as well as any related brokerage commission fees.
Following the sale, Gonzalez still owns a substantial stake in the company, with 495,191 shares of Class A common stock remaining in her possession. This sale represents a partial divestment by the director but still leaves her with a significant interest in the company's performance.
Investors and followers of WM Technology can request detailed information about the exact number of shares sold at each price point from Gonzalez, the company, or the SEC, if needed. This sale was publicly disclosed as required by SEC regulations for transactions by company insiders.
WM Technology, Inc., which operates under the ticker NASDAQ:MAPS, is known for its services in the prepackaged software industry. The recent transaction by Director Gonzalez may be of interest to investors monitoring insider activity as an indicator of the company's financial health and executive confidence in the firm's future prospects.
In other recent news, WM Technology, Inc., the parent company of Weedmaps, is currently dealing with a Nasdaq compliance issue due to the delay in filing required financial reports. The technology firm attributes this delay to a recent change in executive finance leadership. Despite this setback, WM Technology is working diligently to finalize its financial statements and intends to file the annual report promptly.
In addition to the compliance issue, the company has also reported a delay in its annual filing and disclosed preliminary results for 2023. WM Technology expects its revenue to fall between approximately $185 million and $195 million, with an anticipated adjusted EBITDA to be in the range of $33 million to $37 million. Furthermore, 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.
These developments are recent and are part of the ongoing narrative surrounding WM Technology's financial performance and compliance. As the company works to regain compliance and finalize its financial statements, investors will likely be keeping a close eye on these developments.
InvestingPro Insights
WM Technology, Inc. (NASDAQ:MAPS) has been navigating a volatile market, as evidenced by recent data from InvestingPro. The company's market cap stands at a modest $172.65 million, reflecting the size and scale of the business within the prepackaged software industry. Despite facing challenges, WM Technology boasts an impressive gross profit margin of 93.9% for the last twelve months as of Q1 2024, highlighting its ability to maintain profitability on its core offerings. This metric is particularly noteworthy as it indicates the company's efficiency in managing its cost of goods sold and its potential to generate profits.
However, the company's stock has experienced significant fluctuations. Over the last week, the stock has taken a notable hit, with a 12.8% decline in price total return. This recent dip contrasts with a 6-month price total return of 27.58%, suggesting that while the company has seen growth over a longer period, it is subject to short-term market pressures. The InvestingPro Tips also indicate that WM Technology is trading at a high Price / Book multiple of 8.11, which may attract investors looking for growth opportunities but could also signal caution for value-focused investors.
For investors seeking deeper analysis and additional insights, there are more InvestingPro Tips available that could shed light on WM Technology's financial position and market potential. For example, the company is not currently paying a dividend to shareholders, which may influence investment decisions for those prioritizing income. Moreover, analysts predict the company will become profitable this year, providing a positive outlook for future financial performance. To explore these insights and more, investors can visit https://www.investing.com/pro/MAPS and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a total of 9 InvestingPro Tips that could guide investment decisions.
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