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

Zacks Investment Research downgraded shares of WM Technology (NASDAQ:MAPSGet Rating) from a hold rating to a sell rating in a research report report published 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. “

Other analysts have also issued reports about the stock. Cantor Fitzgerald upped their price target on shares of WM Technology from $6.25 to $7.65 and gave the stock an overweight rating in a research note on Thursday, February 24th. Canaccord Genuity Group reduced their price target on shares of WM Technology from $21.00 to $8.00 and set a buy rating for the company in a research note on Thursday, February 24th. Finally, Piper Sandler reduced their price target on shares of WM Technology from $9.00 to $8.00 in a research note on Thursday, May 5th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $14.64.

WM Technology stock opened at $5.60 on Wednesday. The firm has a 50-day moving average price of $6.06 and a two-hundred day moving average price of $5.99. The firm has a market capitalization of $761.05 million, a price-to-earnings ratio of 29.48 and a beta of 0.26. WM Technology has a 52-week low of $4.22 and a 52-week high of $22.24.

In other WM Technology news, CEO Christopher Beals sold 29,442 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 $161,047.74. Following the completion of the sale, the chief executive officer now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Justin Dean sold 10,253 shares of the business’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 $56,083.91. Following the completion of the sale, the insider now directly owns 297,670 shares of the company’s stock, valued at $1,628,254.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 89,652 shares of company stock worth $490,396.

A number of hedge funds have recently bought and sold shares of MAPS. Deutsche Bank AG bought a new stake in WM Technology in the fourth quarter worth approximately $35,000. Bessemer Group Inc. bought a new stake in shares of WM Technology during the 4th quarter worth $46,000. Wells Fargo & Company MN bought a new stake in shares of WM Technology during the 2nd quarter worth $49,000. Banque Cantonale Vaudoise boosted its holdings in shares of WM Technology by 83.2% during the 1st quarter. Banque Cantonale Vaudoise now owns 7,000 shares of the company’s stock worth $55,000 after buying an additional 3,180 shares during the period. Finally, Wolverine Asset Management LLC boosted its holdings in shares of WM Technology by 64.4% during the 4th quarter. Wolverine Asset Management LLC now owns 9,748 shares of the company’s stock worth $58,000 after buying an additional 3,820 shares during the period. 24.99% of the stock is owned by 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.

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