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Director Anthony Bay of WM Technology (NASDAQ:MAPS), a company currently valued at $149 million, sold a total of 46,875 shares of Class A Common Stock on June 23 and June 24. The sales, executed under a pre-arranged 10b5-1 trading plan, fetched prices ranging from $0.911 to $1.02, resulting in total proceeds of $43,804. According to InvestingPro analysis, the stock appears undervalued at its current price of $0.88, having declined over 13% in the past week.
On June 23, Bay sold 10,100 shares at $1.02 per share. Following this, on June 24, he sold 36,775 shares at a weighted average price of $0.911; individual sales prices ranged from $0.9101 to $0.9141. These sales were to cover tax obligations related to the vesting of restricted stock units and brokerage commissions. Despite these insider sales, InvestingPro data shows the company maintains strong financial health with a "GOOD" overall rating and positive earnings of $0.08 per share over the last twelve months.
In addition, on June 24, Bay acquired 545,454 shares of Class A Common Stock, representing restricted stock units, at a price of $0. The restricted stock units will fully vest in three equal annual installments on the date of the next three annual meeting of stockholders.
Following these transactions, Bay directly owns 896,034 shares of WM Technology.
In other recent news, WM Technology reported its Q1 2025 earnings, revealing an earnings per share (EPS) of $0.02, which missed the anticipated $0.04. The company also reported revenue of $44.61 million, slightly below the forecast of $44.65 million. Despite these shortfalls, the company’s stock experienced a notable surge in aftermarket trading. Additionally, WM Technology announced a significant change in its auditing firm due to the merger of Moss Adams LLP with Baker Tilly US, LLP. Consequently, Baker Tilly has been appointed as the new independent registered public accounting firm. Another development involves the withdrawal of a buyout proposal by the company’s founders, Douglas Francis and Justin Hartfield, citing external factors. They have, however, indicated the possibility of submitting an alternative proposal in the future. The special committee of WM Technology’s board continues to evaluate potential transactions with the assistance of financial and legal advisors.
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