Ben Volkow, a director at Urgent.ly Inc. (NASDAQ:ULY), recently sold a portion of his holdings in the company. According to a recent SEC filing, Volkow sold a total of 24,578 shares of common stock over two days. The transactions, executed under a Rule 10b5-1 trading plan, took place on November 20 and 21.
The shares were sold at a weighted average price, with transactions ranging from $0.46 to $0.5267 per share on November 20 and from $0.4156 to $0.464 on November 21. The total value of these sales amounted to $11,259. Following these transactions, Volkow holds 420,640 shares of Urgent.ly.
In other recent news, Urgent.ly has seen significant developments in its financial performance and business operations. The company's third-quarter results prompted Needham to revise its price target for Urgent.ly from $2.00 to $1.50, despite maintaining a Buy rating. The decision was influenced by factors such as customer churn and changes in the demand for roadside services, affecting Urgent.ly's potential revenue.
Recent developments also include Urgent.ly renewing a three-year contract with a key global automotive fleet management company, extending their collaboration to nine years. The company has successfully retained all its roadside assistance contracts up for renewal since the second quarter of 2024, demonstrating its commitment to delivering value through its services and advanced technology.
In addition, Urgent.ly has strategically divested its subsidiary, The Floow, retaining a 49% stake and a perpetual royalty-free license for The Floow's technology. This move aims to streamline the company's focus on its core business of digital roadside and mobility assistance technology. Furthermore, Urgent.ly has expanded its partnership with a global automotive OEM to include services in Canada.
On the internal front, Urgent.ly shareholders elected Gina Domanig and Ryan Pollock as Class I directors and ratified CohnReznick LLP as the company's independent auditors for the upcoming fiscal year. These recent developments reflect Urgent.ly's proactive approach to its growth and future operations.
InvestingPro Insights
The recent insider sale by Ben Volkow at Urgent.ly Inc. (NASDAQ:ULY) comes amid challenging times for the company. According to InvestingPro data, ULY's stock has experienced significant declines across multiple timeframes. The 1-week price total return stands at -25.67%, while the 6-month and 1-year returns are even more stark at -78.81% and -88.88% respectively. These figures align with the InvestingPro Tip that the stock "has taken a big hit over the last week" and "has fared poorly over the last month."
Furthermore, ULY's financial health appears precarious. The company's revenue for the last twelve months as of Q3 2024 was $155.93 million, with a concerning revenue growth of -18.61% over the same period. This decline is reflected in the InvestingPro Tip that "analysts anticipate sales decline in the current year."
Despite these challenges, it's worth noting that ULY remains profitable over the last twelve months, as indicated by another InvestingPro Tip. However, with a market cap of just $5.97 million, the company is operating on a relatively small scale.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for ULY, providing a deeper understanding of the company's financial position and market performance.
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