WM Technology (NASDAQ:MAPS) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of WM Technology (NASDAQ:MAPSGet Rating) from a hold rating to a sell rating in a research report released on Wednesday morning, Zacks.com reports.

According to Zacks, “WM TECHNOLOGY is a technology and software infrastructure provider to the cannabis industry. WM TECHNOLOGY, formerly known as Silver Spike Acquisition Corp., is based in IRVINE, Calif. “

MAPS has been the topic of several other reports. Canaccord Genuity Group reduced their target price on WM Technology from $21.00 to $8.00 and set a buy rating on the stock in a report on Thursday, February 24th. Piper Sandler reduced their price objective on WM Technology from $9.00 to $8.00 in a research note on Thursday, May 5th. Finally, Cantor Fitzgerald boosted their price objective on WM Technology from $6.25 to $7.65 and gave the stock an overweight rating in a research note on Thursday, February 24th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, WM Technology currently has a consensus rating of Buy and a consensus target price of $14.64.

Shares of WM Technology stock opened at $5.83 on Wednesday. The business’s 50-day moving average price is $6.34 and its 200-day moving average price is $6.15. WM Technology has a 12 month low of $4.22 and a 12 month high of $22.24. The firm has a market capitalization of $792.30 million, a PE ratio of 30.69 and a beta of 0.26.

WM Technology (NASDAQ:MAPSGet Rating) last announced its quarterly earnings data on Wednesday, February 23rd. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.78). WM Technology had a net margin of 22.20% and a negative return on equity of 133.55%. The business had revenue of $54.18 million during the quarter, compared to analysts’ expectations of $51.39 million. On average, analysts expect that WM Technology will post -0.26 EPS for the current year.

In other news, CEO Christopher Beals sold 29,442 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $5.47, for a total transaction of $161,047.74. Following the transaction, the chief executive officer now owns 702,293 shares of the company’s stock, valued at $3,841,542.71. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Justin Dean sold 10,253 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $5.47, for a total value of $56,083.91. Following the completion of the sale, the insider now owns 297,670 shares of the company’s stock, valued at approximately $1,628,254.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,652 shares of company stock worth $490,396.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Senvest Management LLC boosted its holdings in shares of WM Technology by 263.8% in the third quarter. Senvest Management LLC now owns 5,765,912 shares of the company’s stock valued at $83,606,000 after purchasing an additional 4,180,937 shares during the period. Vanguard Group Inc. boosted its holdings in shares of WM Technology by 40.7% in the first quarter. Vanguard Group Inc. now owns 4,687,365 shares of the company’s stock valued at $36,655,000 after purchasing an additional 1,356,144 shares during the period. Falcon Edge Capital LP boosted its holdings in shares of WM Technology by 15.9% in the third quarter. Falcon Edge Capital LP now owns 2,863,243 shares of the company’s stock valued at $41,517,000 after purchasing an additional 392,041 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of WM Technology by 40.5% in the first quarter. Bank of New York Mellon Corp now owns 1,951,653 shares of the company’s stock valued at $15,262,000 after purchasing an additional 562,140 shares during the period. Finally, Pura Vida Investments LLC purchased a new stake in WM Technology during the third quarter worth $23,381,000. Hedge funds and other institutional investors own 24.99% of the company’s stock.

WM Technology Company Profile (Get Rating)

WM Technology, Inc provides ecommerce and compliance software solutions to retailers and brands in cannabis market in the United States, Canada, and internationally. The company offers Weedmaps marketplace that allows cannabis users to search for and browse cannabis products from retailers and brands, and reserve products from local retailers; and information on the cannabis plant, and the industry and advocate related services for legalization.

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