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Urgent.ly Inc. (NASDAQ:ULY) director Ben Volkow has sold a total of 3,600 shares of company stock in two separate transactions, as revealed by the latest SEC filings. The sales, which occurred on July 8th and 9th, amounted to over $5,000 in total value.
On July 8th, Volkow sold 2,200 shares at an average price of $1.55 per share, with individual transactions ranging from $1.53 to $1.59. The following day, an additional 1,400 shares were sold at an average price of $1.4655, with prices spanning from $1.44 to $1.535 per share. These sales were executed under a pre-arranged 10b5-1 trading plan, a tool often used by corporate insiders to avoid allegations of insider trading by setting up a scheduled plan to sell stocks at a time when they are not in possession of material non-public information.
The transactions have reduced Volkow's direct ownership in Urgent.ly to 564,108 shares, following the most recent sale. The 10b5-1 plan under which these sales were conducted was adopted on November 20, 2023.
Investors and followers of Urgent.ly Inc. can request more detailed information about the sales, including the exact number of shares sold at each price point within the provided ranges, as indicated in the footnotes of the SEC filing.
The sales come as part of regular stock trading activities by company executives and directors, which are frequently disclosed to the public through SEC filings to ensure transparency and maintain investor confidence.
In other recent news, Urgent.ly Inc. has made significant strides in its corporate governance. The company's shareholders convened in their 2024 Annual Meeting, voting on critical proposals. The shareholders elected Gina Domanig and Ryan Pollock as Class I directors, who will serve until the 2027 annual meeting. Their election was marked by a significant number of votes in favor, demonstrating strong shareholder confidence.
In addition to the board elections, shareholders also ratified CohnReznick LLP to serve as Urgent.ly Inc.'s independent auditors for the fiscal year ending December 31, 2024. This decision was unanimous, further reinforcing the firm's standing among shareholders. These developments are part of the recent activities within the company. It's worth noting that the meeting saw a quorum with 51.07% of the voting power of all issued and outstanding shares of common stock represented in person or by proxy.
InvestingPro Insights
In the wake of the recent insider stock sales by Urgent.ly Inc. (NASDAQ:ULY) director Ben Volkow, investors may be seeking deeper insights into the company's financial health and market performance. According to InvestingPro data, Urgent.ly has a market capitalization of just 19.46 million USD, which reflects the size and scale of the company in the competitive market space. Despite this, the company's P/E ratio stands at a strikingly low 0.27, suggesting that the market may be undervaluing the earnings potential of Urgent.ly shares.
However, the company's financials indicate challenges ahead. Urgent.ly's revenue has declined by 11.09% over the last twelve months as of Q1 2024, emphasizing the concerns raised by analysts about a potential sales decline in the current year. This is further compounded by the fact that the company's stock price has experienced a significant drop, falling by over 72% over the past year. Investors should note that such a decline can often reflect market sentiment and the perceived future prospects of a company.
For those considering an investment in Urgent.ly, it's worth noting that the company currently trades near its 52-week low, with a price of 1.45 USD at the previous close. While some may view this as a potential buying opportunity, the InvestingPro Tips suggest caution, highlighting the company's rapid cash burn and weak gross profit margins. Urgent.ly's short term obligations also exceed its liquid assets, which could pose liquidity risks.
Investors looking for comprehensive analysis and additional insights can find a total of 13 InvestingPro Tips for Urgent.ly at Investing.com/pro/ULY. To access these valuable tips and more, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, allowing for a more informed investment decision-making process.
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