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Timmie Hong, the Chief Product Officer of MoneyLion Inc. (NYSE:ML), executed a significant stock sale as reported in a recent filing with the Securities and Exchange Commission. On January 16, Hong sold 6,254 shares of Class A Common Stock at a weighted average price of $86.3894 per share, amounting to a total transaction value of approximately $540,279. The transaction comes as MoneyLion's stock has shown strong momentum, with a 56.7% return over the past year. According to InvestingPro analysis, the company's shares currently appear undervalued despite trading near their 52-week high of $106.82.
In addition to the sales, Hong also acquired shares through stock option exercises. The transactions involved acquiring 2,500 shares at $6.6 per share and another 1,250 shares at $12.0 per share, totaling $31,500. These transactions were part of a pre-established trading plan under Rule 10b5-1, which provides an affirmative defense for insider trading accusations.
Following these transactions, Hong holds a total of 91,011 shares of MoneyLion Inc.
In other recent news, MoneyLion, the financial technology company, has been making significant strides in its financial performance. Craig-Hallum and Needham analysts have maintained a Buy rating on MoneyLion shares, with Craig-Hallum setting a price target of $105 and Needham increasing its target to $100. Both firms anticipate a robust growth trajectory for the company's adjusted EBITDA, with Craig-Hallum expecting significant EBITDA by fiscal year 2025 and Needham highlighting the company's strong Q3 results and promising Q4 outlook.
MoneyLion reported record Q3 revenue of $135 million, a 23% increase from the previous year, and adjusted EBITDA of $24 million. The company also revised its full-year revenue guidance upwards to a range of $536 million to $541 million. This strong performance is attributed to significant customer growth, with the total reaching 18.7 million, and the expansion of its enterprise segment.
The company launched MoneyLion Checkout to enhance conversion rates for enterprise partners, showing positive early indicators, including a 25% improvement in click-through rates. However, one-time legal expenses totaling $8 million affected EBITDA adjustments. Despite these recent developments, the company plans to invest in brand marketing to enhance its direct-to-consumer offerings and is expanding into new financial verticals such as auto loans and insurance.
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