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

WM Technology (NASDAQ:MAPS – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, 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 subject of several other reports. Canaccord Genuity Group decreased their target price on shares of WM Technology from $21.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, February 24th. Cantor Fitzgerald boosted their target price on shares of WM Technology from $6.25 to $7.65 and gave the stock an “overweight” rating in a research report on Thursday, February 24th. Finally, Piper Sandler decreased their target price on shares of WM Technology from $9.00 to $8.00 in a research report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $14.64.

MAPS opened at $5.62 on Wednesday. WM Technology has a 1-year low of $4.22 and a 1-year high of $22.24. The company has a market cap of $763.76 million, a P/E ratio of 29.58 and a beta of 0.26. The company has a fifty day moving average price of $6.11 and a two-hundred day moving average price of $5.99.

In related news, CEO Christopher Beals sold 29,442 shares of the company’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 transaction of $161,047.74. Following the sale, the chief executive officer now owns 702,293 shares of the company’s stock, valued at approximately $3,841,542.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Arden Lee sold 27,990 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 $153,105.30. Following the sale, the chief financial officer now directly owns 552,469 shares in the company, valued at approximately $3,022,005.43. The disclosure for this sale can be found here. Insiders have sold a total of 89,652 shares of company stock worth $490,396 over the last 90 days.

Large investors have recently modified their holdings of the company. Wells Fargo & Company MN bought a new position in shares of WM Technology in the 2nd quarter worth $49,000. Bank of America Corp DE bought a new position in shares of WM Technology in the 2nd quarter worth $74,000. Citigroup Inc. boosted its stake in shares of WM Technology by 822.3% in the 3rd quarter. Citigroup Inc. now owns 5,534 shares of the company’s stock valued at $80,000 after purchasing an additional 4,934 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of WM Technology in the 4th quarter valued at $35,000. Finally, Banque Cantonale Vaudoise boosted its stake in shares of WM Technology by 83.2% in the 1st quarter. Banque Cantonale Vaudoise now owns 7,000 shares of the company’s stock valued at $55,000 after purchasing an additional 3,180 shares in the last quarter. 24.99% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Stories

Get a free copy of the Zacks research report on WM Technology (MAPS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for WM Technology Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for WM Technology and related companies with MarketBeat.com’s FREE daily email newsletter.