Ben Volkow, a director at Urgent.ly Inc. (NASDAQ:ULY), has sold shares of the company’s common stock in transactions that took place on December 18 and 19, 2024. The total value of these transactions amounted to $14,086. The shares were sold within a price range of $0.5076 to $0.5212 per share. The stock, currently trading near its 52-week low of $0.41, has declined over 83% year-to-date, with a market capitalization of just $7.1 million. According to InvestingPro analysis, the company appears undervalued at current levels.
The sales were conducted under a Rule 10b5-1 trading plan, which Volkow adopted on November 20, 2023. This type of trading plan allows insiders to set up a predetermined schedule for selling stocks, providing a defense against accusations of insider trading. InvestingPro data reveals the company faces significant challenges, including rapid cash burn and high debt levels. Subscribers can access 10 additional key insights about ULY’s financial health. Following these transactions, Volkow now directly owns 393,562 shares of Urgent.ly.
In other recent news, Urgent.ly has been the subject of several significant developments. The company’s third-quarter results prompted Needham, a financial advisory firm, to lower its price target on Urgent.ly’s shares to $1.50, maintaining a Buy rating. This decision was influenced by challenges such as customer churn and volatility in the number of vehicles on the road, impacting Urgent.ly’s potential revenue base.
In a positive turn of events, Urgent.ly has renewed a three-year contract with a global automotive fleet management company, extending their collaboration to nine years. This renewal underscores Urgent.ly’s commitment to delivering value through its services and advanced technology. Furthermore, the company strategically divested its subsidiary, The Floow, retaining a 49% stake and a perpetual royalty-free license for The Floow’s technology.
Simultaneously, Urgent.ly expanded its partnership with a global automotive OEM to include services in Canada. Needham’s updated price target is based on their forecasted adjusted EBITDA for the fiscal year 2026, suggesting potential for future growth. Lastly, in internal company developments, Urgent.ly shareholders elected Gina Domanig and Ryan Pollock as Class I directors and ratified CohnReznick LLP as the company’s independent auditors for the upcoming fiscal year.
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