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Alexandre Zyngier, a director at Urgent.ly Inc. (NASDAQ:ULY), sold 20,000 shares of the company's common stock, totaling $9,360. The micro-cap company, currently valued at $6.19 million, has seen its stock decline by approximately 80% over the past year, with shares trading near their 52-week low of $0.41. According to InvestingPro analysis, the stock appears undervalued at current levels. The transaction took place on January 23, 2025, at an average price of $0.468 per share. Following this transaction, Zyngier retains ownership of 20,000 shares. The shares involved in this transaction are represented by restricted stock units (RSUs), which are set to vest in three equal annual installments starting January 23, 2026. InvestingPro subscribers have access to 13 additional insights about ULY, including detailed analysis of the company's financial health and cash burn rate.
In other recent news, Urgent.ly's third-quarter performance and subsequent company commentary led Needham, a financial advisory firm, to adjust its price target for the company from $2.00 to $1.50. Despite this reduction, Needham maintains a Buy rating, citing Urgent.ly's innovative technology and use of geospatial data. The company has been grappling with customer churn and a decrease in the number of vehicles on the road, impacting demand for roadside services and the potential revenue base.
Moreover, Urgent.ly has renewed a three-year contract with a key global automotive fleet management company, extending their collaboration to nine years. The company has also divested its subsidiary, The Floow, retaining a 49% stake and a perpetual royalty-free license for The Floow's technology. In addition, Urgent.ly has expanded its partnership with a global automotive OEM to include services in Canada.
Furthermore, Needham's new price target is based on a 5x multiple of their forecasted adjusted EBITDA for the fiscal year 2026. The firm suggests potential for multiple expansion once Urgent.ly fully cycles through difficult revenue comparisons in the first half of 2025. In terms of internal 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. These are the recent developments surrounding Urgent.ly.
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