In a recent transaction on June 18, 2024, Olga Gonzalez, a director at WM Technology, Inc. (NASDAQ:MAPS), sold 4,038 shares of the company's Class A common stock. The sale was executed at a price of $1.1101 per share, totaling approximately $4,482. This transaction was made in accordance with a 10b5-1 trading plan that Gonzalez had previously adopted on June 14, 2023.
The shares sold by Gonzalez were stated to cover applicable tax withholding obligations that arose from the vesting of restricted stock units, as well as to pay for any related brokerage commission fees. Following the sale, Gonzalez still retains a substantial holding of 585,587 shares in WM Technology.
WM Technology, Inc., which trades under the ticker symbol NASDAQ:MAPS, is known for its services in the prepackaged software industry. The company, formerly known as Silver Spike Acquisition Corp., is based in Irvine, California.
Investors often monitor the buying and selling activities of company insiders like directors, as these transactions can provide insights into their perspective on the company's current valuation and future prospects.
In other recent news, WM Technology, Inc. has faced compliance issues with Nasdaq due to a delay in filing required financial reports. The technology firm, parent company of Weedmaps, received a delinquency notification from Nasdaq on May 14, 2024, due to the absence of its quarterly report for the period ending March 31, 2024, and its annual report for the year ending December 31, 2023. The company attributed this delay to a recent change in executive finance leadership. Despite this, WM Technology is actively working to finalize its financial statements and intends to submit the annual report before the deadline for the compliance plan.
In addition to this, WM Technology disclosed preliminary financial results for 2023, despite the delay in the annual filing. The company expects its revenue to be between approximately $185 million and $195 million, with adjusted EBITDA anticipated 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 figures are unaudited and unreviewed, and may vary once the financial statements are finalized for the Form 10-K.
InvestingPro Insights
WM Technology, Inc. (NASDAQ:MAPS) has recently been the subject of notable insider trading, but what does the broader data suggest about the company's financial health and market position? According to InvestingPro, the company boasts an impressive gross profit margin of 93.9% for the last twelve months as of Q1 2024, indicating a strong ability to control costs relative to revenue.
InvestingPro Tips highlight that WM Technology has experienced a significant return over the last week, with a 12.0% price total return, and over the last month, the return has been even more impressive at 17.44%. This recent performance could signal investor confidence or a positive market reaction to company developments. However, it's important to note that the company is not profitable over the last twelve months, as reflected by its negative P/E ratio of -17.27. This could suggest that while the company is generating strong gross profits, it has yet to translate these into net earnings.
Investors looking for additional insights into WM Technology's future profitability and market performance will find more InvestingPro Tips at https://www.investing.com/pro/MAPS. There are 11 more tips available, which can provide a deeper understanding of the company's financial nuances. Moreover, those interested in a comprehensive analysis can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
InvestingPro Data also reveals that WM Technology has a market capitalization of $185.21 million and is trading at a high Price / Book multiple of 8.94. While this multiple may seem elevated, it is often a reflection of investor expectations for future growth or the value of intangible assets. The company's revenue for the last twelve months stands at $185.97 million, although it has seen a slight decline in revenue growth of -9.06% over the same period.
With a next earnings date set for August 6, 2024, investors and analysts will be keen to see if the company's strategic initiatives will start reflecting in its bottom line, potentially turning around the negative earnings per share figures and justifying the stock's recent price uptick.
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