Timmie Hong, Chief Product Officer at MoneyLion Inc. (NYSE:ML), has reported selling shares of the company's Class A common stock valued at $529,198. The transactions took place on December 16, 2024, involving a total of 6,094 shares sold at prices ranging from $86.52 to $88.75 per share. The fintech company, currently valued at approximately $957 million, has seen its stock surge 73% over the past year. According to InvestingPro analysis, the stock appears undervalued despite trading at a P/E ratio of 287.
Following these sales, Hong now holds 86,015 shares. The sales were conducted under a trading plan aligned with Rule 10b5-1(c) of the Securities Exchange Act of 1934, which allows insiders to set up a predetermined plan to sell shares. Subscribers to InvestingPro can access 8 additional key insights about MoneyLion's financial health and growth prospects through exclusive ProTips.
In addition to the sales, Hong exercised stock options to acquire 3,750 shares of Class A common stock at exercise prices of $6.60 and $12.00 per share, further diversifying his holdings.
In other recent news, financial technology company MoneyLion reported a record Q3 revenue of $135 million, marking a 23% increase from the previous year. The strong performance led to an upward revision of its full-year revenue guidance to a range of $536 million to $541 million. Additionally, the company reported a record adjusted EBITDA of $24 million, reflecting an 18% margin.
Craig-Hallum analysts maintained a Buy rating on MoneyLion shares with a price target of $105, based on projections of significant adjusted EBITDA growth by fiscal year 2025. Similarly, Needham analysts maintained their Buy rating and increased the price target to $100, following the company's strong Q3 results and promising Q4 outlook.
MoneyLion also launched MoneyLion Checkout to enhance conversion rates for enterprise partners, showing positive early indicators. Despite one-time legal expenses totaling $8 million, which affected EBITDA adjustments, the company plans to continue investing in brand marketing and expanding into new financial verticals. These recent developments underline MoneyLion's strategic growth initiatives and its commitment to providing value to its shareholders.
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