Riskified names David Meredith to its Board of Directors

NEW YORK - Riskified Ltd. (NYSE:RSKD), a company specializing in e-commerce fraud prevention and risk intelligence, announced the addition of David Meredith (NYSE:MDP) to its Board of Directors. Meredith, known for his extensive experience in scaling technology businesses, joins the board with a background that includes leadership roles at Everbridge (NASDAQ:EVBG), Rackspace, and Boomi.

The appointment aims to leverage Meredith's three decades of experience in executive leadership and board roles to support Riskified's strategic priorities and enhance long-term shareholder value.

Meredith's previous positions have seen him at the helm of companies during periods of significant growth, such as Everbridge, where he contributed to the company's entry into the Russell 1000 Index.

Riskified's CEO Eido Gal expressed confidence in Meredith's ability to contribute to the company's growth, citing his proven track record in corporate strategy and leadership. Meredith himself expressed honor at the appointment and enthusiasm for Riskified's innovative approach to managing e-commerce fraud.

With Meredith's appointment, Riskified's Board will expand to eight directors, six of whom are considered independent under New York Stock Exchange listing rules. The Board regularly assesses its composition to maintain a diverse and skilled group that can effectively oversee the company's business and long-term strategy.

In other recent news, Riskified has been making significant strides in its operations and financial performance. The company recently reported an 11% increase in revenue and an 18% rise in non-GAAP gross profit. Additionally, Riskified executed a share repurchase program and revised its fiscal year 2024 adjusted EBITDA forecast upwards, signaling its positive financial health.

At the Ascend 2024 summit, Riskified introduced new AI-powered capabilities to help merchants combat fraud and abusive behavior. The highlight of these new offerings is Policy Decisions, a tool that allows merchants to adapt to dynamic ecommerce environments.

Several analyst firms have provided their insights on Riskified's progress. Truist Securities maintained its Buy rating on the company's shares and expressed optimism about Riskified's potential to protect large merchants from fraud. Barclays kept its 'Equalweight' rating on Riskified, while Keefe, Bruyette & Woods, and DA Davidson raised their stock price targets based on the company's strong quarterly performance.

Riskified's strong performance in its Tickets & Travel segment, significant new customer engagement, and efficient capital management have been cited as reasons for the positive outlook. These recent developments highlight the company's commitment to growth and its ability to adapt to the dynamic ecommerce landscape.

InvestingPro Insights

Riskified Ltd. (NYSE:RSKD) has been making strategic moves, and the addition of David Meredith to its Board of Directors is poised to further its ambitions in the e-commerce space. InvestingPro data shows that Riskified holds a market capitalization of $1.02 billion and has experienced a revenue growth of 12.46% over the last twelve months as of Q1 2024. This growth is a testament to the company's robust platform and innovative approach to fraud prevention.

InvestingPro Tips indicate that management's aggressive share buyback strategy and the company's strong cash position, with more cash than debt on its balance sheet, are positive signals for investors. Additionally, Riskified's liquid assets exceed its short-term obligations, suggesting a solid financial footing for upcoming strategic initiatives. Analysts on InvestingPro predict that Riskified will turn profitable this year, which could be a significant milestone for the company. It's also worth noting that the company has enjoyed a strong return over the last three months, with a price total return of 15.88%.

While Riskified does not pay dividends, reflecting its focus on growth and reinvestment, the company's recent performance and strategic board appointments may offer potential for capital gains. For those interested in deeper analysis, there are additional InvestingPro Tips available, which could provide further insights into Riskified's investment potential.

For a comprehensive understanding of Riskified's financial health and future outlook, investors can explore more tips and metrics on InvestingPro: https://www.investing.com/pro/RSKD

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