Chardan Capital Affirms Buy Rating for Urgent.ly Shares

Chardan Capital has reiterated its buy rating on shares of Urgent.ly (NASDAQ: ULY) in a report published on the morning of October 8, 2023. The firm has established a target price of $15.00 for the stock, showcasing confidence in the company’s potential for growth. This assessment comes alongside input from other analysts, highlighting a range of opinions regarding Urgent.ly’s market position.

In the same week, Needham & Company LLC reaffirmed a buy rating on Urgent.ly, setting a target price of $8.00. Conversely, Weiss Ratings issued a sell rating for the company, underscoring a divergence in analyst perspectives. Data from MarketBeat indicates that there are currently two analysts who recommend buying the stock, while one has a sell rating, leading to a consensus rating of “Hold” with an average target price of $11.50.

Urgent.ly’s Financial Performance

Urgent.ly recently announced its quarterly earnings on November 12, 2023. The company reported a loss of $3.63 per share, falling short of analysts’ expectations, which had anticipated a loss of $2.40 per share. Despite this setback, the company’s revenue for the quarter reached $32.94 million, slightly exceeding estimates of $32.30 million. This mixed financial report highlights both challenges and strengths within Urgent.ly’s operational model.

Institutional Investment Activity

The interest in Urgent.ly has also been reflected in recent investment activity. Highbridge Capital Management LLC acquired a new position in the company during the third quarter, purchasing 68,748 shares valued at approximately $222,000. Following this acquisition, Highbridge Capital owned about 4.91% of Urgent.ly. Currently, institutional investors and hedge funds collectively hold 28.30% of Urgent.ly’s stock, indicating a significant level of institutional confidence.

Founded in 2016, Urgent.ly provides a mobility assistance software platform, offering services such as roadside assistance across various regions, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Their offerings encompass car lockout services, tire changes, towing, and other emergency assistance options, catering to a diverse clientele.

With various perspectives from analysts and institutional investors, Urgent.ly remains a focal point in discussions regarding mobility service innovations and financial performance. The company’s trajectory will be closely monitored as it navigates the complexities of the market.