Chardan Capital Maintains Buy Rating on Urgent.ly Shares

Chardan Capital has reaffirmed its buy rating for shares of Urgent.ly (NASDAQ: ULY), setting a target price of $15.00. This announcement was made in a report issued on the morning of October 8, 2023. The report follows similar endorsements from other financial analysts. Needham & Company LLC also maintained a buy rating, with a target price of $8.00, while Weiss Ratings has issued a sell rating for the stock.

The mixed ratings from analysts reflect a varied sentiment towards Urgent.ly. Currently, two research analysts have rated the stock as a buy, while one has issued a sell rating. According to data from MarketBeat, the consensus rating for Urgent.ly stands at “Hold,” with an average target price of $11.50.

Recent Financial Performance

Urgent.ly recently released its quarterly earnings results on November 12, 2023. The company reported earnings per share (EPS) of ($3.63), falling short of analysts’ expectations of ($2.40) by ($1.23). Despite the disappointing EPS, Urgent.ly achieved revenues of $32.94 million for the quarter, exceeding analyst projections of $32.30 million.

The company’s financial performance has drawn the attention of institutional investors as well. Highbridge Capital Management LLC disclosed that it acquired a new stake in Urgent.ly during the third quarter of 2023, purchasing 68,748 shares valued at approximately $222,000. At the end of the most recent quarter, Highbridge Capital owned about 4.91% of Urgent.ly’s shares. Presently, institutional investors and hedge funds own approximately 28.30% of the company’s stock.

About Urgent.ly

Urgent.ly Inc. offers a comprehensive mobility assistance software platform catering to roadside assistance needs across various regions, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its services encompass a range of emergency solutions, such as car lockouts, tire changes, towing, and electric vehicle assistance.

As the company navigates the complexities of the market, its performance and strategic positioning will continue to be closely monitored by analysts and investors alike.