Richard Correia, the President, CFO, and Treasurer of MoneyLion Inc. (NYSE:ML), recently sold a substantial amount of the company's Class A Common Stock. According to a recent filing, Correia executed multiple transactions on November 27 and November 29, disposing of shares valued at approximately $1.2 million. The sales were conducted at prices ranging from $87.46 to $91.23 per share. The transactions come as MoneyLion's stock has shown remarkable strength, delivering a 115% return over the past year, though InvestingPro data indicates the stock is trading at a high earnings multiple with a P/E ratio of 287.
The transactions reduced Correia's direct ownership to 178,019 shares following the sales. These stock sales were carried out under a pre-arranged trading plan, designed to comply with the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934. According to InvestingPro analysis, MoneyLion maintains strong financial health with a "GREAT" overall score, and current ratio of 6.33, indicating robust liquidity. Discover more insights and 12 additional ProTips about MoneyLion through InvestingPro's comprehensive research reports.
In other recent news, financial technology firm MoneyLion has been making significant strides. Needham maintained a Buy rating for the company and increased the price target to $100, up from $70, following strong third-quarter results and a promising outlook. The Q3 revenue hit a record $135 million, marking a 23% increase from the previous year, and an adjusted EBITDA of $24 million was reported, reflecting an 18% margin.
These results were attributed to the firm's robust customer growth, which reached 18.7 million, and the expansion of its enterprise segment. The firm also revised its full-year revenue guidance upwards to a range of $536 million to $541 million.
MoneyLion also introduced MoneyLion Checkout, an initiative to enhance conversion rates for enterprise partners, showing encouraging early indicators. Despite incurring one-time legal expenses totaling $8 million, the firm anticipates continued growth in consumer and enterprise revenue streams. The company's strategic initiatives, including the expansion into new financial verticals such as auto loans and insurance, are expected to position it well for continued growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.