WM Technologies Inc. (NASDAQ: MAPS – Get Rating) saw a notable increase in short interest in August. As of Aug. 31, short interest totaled 3,200,000 shares, an increase of 15.1% from 2,780,000 shares on Aug. 15. Based on the average daily trading volume of 1,230,000 shares, the current average daily coverage ratio is 2.6 days. About 4.6% of the company’s shares were sold short.
Wall Street analysts weigh in
MAPS has been the subject of many recent analyst reports. Canaccord Genuity Group lowered its price target on WM Technology to $6.00 from $8.00 and assigned a “buy” rating to the stock in a research note on Thursday, Aug. 11. Piper Sandler downgraded WM Technology to “neutral” from “overweight” in a research note on Wednesday, Aug. 10, and lowered its price target on the stock to $4.00 from $8.00. BTIG Research downgraded WM Technology to “Neutral” from “Buy” in a research note on Wednesday, August 10. Finally, Stifel Nicolaus downgraded WM Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, Aug. 10, and lowered the company’s price target to $3.20 from $10.00. Three analysts have a hold rating on the stock and four have a buy rating on the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $7.17.
WM Tech shares fell 7.7%
WM Technology shares opened Friday at $2.16. WM Technology had a 12-month low of $2.11 and a 12-month high of $15.16. The business has a 50-day moving average of $2.97 and its 200-day moving average of $4.75. The stock has a market cap of $293.54 million, a price-to-earnings ratio of 4.41, and a beta of 0.70.
WM Technology (NASDAQ: MAPS – Get Rating) last released its quarterly earnings results on Tuesday, Aug. 9. The company reported earnings per share ($0.14) for the quarter, missing consensus estimates ($0.05) ($0.09). The company’s revenue for the quarter was $58.29 million, compared with the consensus estimate of $62.17 million. The return on equity of Weimar Technology was 66.26%, and the net profit margin was 24.42%. As a group, analysts expect WM Technology to report earnings per share of -0.15 for the current year.
Insider Trading of WM Tech
In other news, CEO Christopher Beals sold 45,655 shares of WM Technology in trading on Tuesday, Aug. 23. The stock sold at an average price of $2.65 for a total volume of $120,985.75. Following the sale, the CEO now owns 656,638 shares of the company’s stock, valued at $1,740,090.70. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed via this link. In related news, CEO Christopher Beals sold 45,655 shares of the company in trading on Tuesday, August 23. The stock sold at an average price of $2.65 for a total value of $120,985.75. Following the transaction, the CEO now owns 656,638 shares of the company, valued at $1,740,090.70. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed through the SEC website. In addition, Chief Operating Officer Juan Jose Feijoo-Osorio sold 28,174 shares of the company in trading on Tuesday, Aug. 23. The stock sold at an average price of $2.65 for a total value of $74,661.10. Following the transaction, the COO now owns 383,602 shares of the company, worth approximately $1,016,545.30. Disclosures for this sale can be found here. In the past 90 days, insiders sold 131,791 shares of the company, worth $349,246. 41.89% of the stock is currently held by corporate insiders.
Hedge funds’ emphasis on WM technology
Hedge funds and other institutional investors have recently shifted their positions in stocks. Nisa Investment Advisors LLC acquired a new position in WM Technology stock for about $25,000 in the second quarter. The Principal Financial Group Inc. acquired new positions at WM Technology for approximately $35,000 in the second quarter. Y Intercept Hong Kong Ltd acquired a new position at WM Technology in the second quarter for approximately US$37,000. Exchange Traded Concepts LLC acquired a new position at WM Technology in the second quarter for approximately $45,000. Finally, Pictet Asset Management SA acquired a new position at WM Technology in the second quarter for about $45,000. 34.47% of the stock is held by institutional investors and hedge funds.
Weimei Technology Company Profile
(get a rating)
WM Technology, Inc provides e-commerce and compliance software solutions to retailers and brands in the U.S., Canadian and international cannabis markets. The company provides the Weedmaps marketplace, which allows cannabis users to search and browse cannabis products from retailers and brands, and order products from local retailers; and information about the cannabis plant and industry, and advocacy for legalization-related services.
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