WM Technologies Inc. (NASDAQ: MAPS – Get Rating) was the recipient of a notable increase in short interest in September. As of Sept. 15, short interest totaled 3,500,000 shares, an increase of 9.4% from 3,200,000 shares on Aug. 31. About 5.0% of the stock was sold short. Based on the average daily trading volume of 1,220,000 shares, the current average daily coverage ratio is 2.9 days.
Wall Street analysts predict growth
MAPS has been the subject of many analyst reports. Canaccord Genuity Group lowered its price target on WM Technology stock to $6.00 from $8.00 in a research note on Thursday, Aug. 11, with a “buy” rating on the stock. Stifel Nicolaus downgraded WM Technology’s stock to “hold” from “buy” in a research note on Wednesday, Aug. 10, and lowered the company’s price target to $3.20 from $10.00. Piper Sandler downgraded WM Technology’s stock to “neutral” from “overweight” in a research note on Wednesday, Aug. 10, and lowered the company’s price target to $4.00 from $8.00. Finally, BTIG Research downgraded WM Technology’s stock from “buy” to “neutral” in a research note on Wednesday, August 10. Three equity research analysts have hold ratings on the stock and four have buy ratings on the stock. The stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.17, according to MarketBeat.
Insider betting
In other WM Technology news, Chief Financial Officer Arden Lee sold 27,876 WM Technology shares in a transaction that took place on Tuesday, August 23. The shares sold at an average price of $2.65 for a combined transaction value of $73,871.40. Following the transaction, the CFO now directly owns 524,593 shares of the company, worth approximately $1,390,171.45. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In other WM Technology news, Chief Financial Officer Arden Lee sold 27,876 WM Technology shares in trading on Tuesday, Aug. 23. The shares sold at an average price of $2.65 for a combined transaction value of $73,871.40. Following the sale, the CFO now owns 524,593 shares of the company’s stock, worth approximately $1,390,171.45. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission, which is available at this link. Additionally, Chief Operating Officer Juan Jose Feijoo-Osorio sold 28,174 WM Technology shares in trading on Tuesday, Aug. 23. The shares sold at an average price of $2.65 for a combined transaction value of $74,661.10. Following the sale, the COO now directly owns 383,602 shares of the company’s stock, worth approximately $1,016,545.30. Disclosures for this sale can be found here. Over the past 90 days, insiders have sold 131,791 shares of the company, worth $349,246. 41.89% of the shares are held by insiders.
Hedge funds’ emphasis on WM technology
Large investors have recently revised their stock holdings. Nisa Investment Advisors LLC acquired a new position in WM Technology stock for about $25,000 in the second quarter. Principal Financial Group Inc. acquired a new position in WM Technology stock valued at approximately $35,000 in the second quarter. Y Intercept Hong Kong Ltd acquired a new stake in WM Technology for about $37,000 in the second quarter. 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 currently held by institutional investors and hedge funds.
Weimar Technology shares fell 4.7%
NASDAQ: MAPS opened Monday at $1.61. The company has a market cap of $218.8 million, a price-to-earnings ratio of 3.29, and a beta of 0.70. WM Technology had a 12-month low of $1.60 and a 12-month high of $15.16. The company’s 50-day moving average is $2.66 and its 200-day moving average is $4.47.
WM Technology (NASDAQ: MAPS – Get Rating) last released its quarterly earnings results on Tuesday, Aug. 9. The company reported EPS of ($0.14) for the quarter, missing analysts’ consensus estimate of ($0.05) ($0.09). Weimar Technology’s net profit margin was 24.42%, and its return on equity was 66.26%. The company’s revenue for the quarter was $58.29 million, compared with analysts’ estimates of $62.17 million. On average, research analysts expect WM Tech to report earnings per share of -0.15 this fiscal year.
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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