Chardan Capital Maintains Buy Rating for Urgent.ly Shares

Chardan Capital reaffirmed its buy rating on shares of Urgent.ly (NASDAQ: ULY) in a report released on November 12, 2023. The firm set a target price of $15.00 for the stock, indicating positive expectations for the company’s performance. This assessment comes amidst a mixed reception from other analysts regarding Urgent.ly’s stock.

On the same day, Needham & Company LLC also reiterated a buy rating, setting a lower target price of $8.00. In contrast, Weiss Ratings issued a “sell (e+)” rating on shares of Urgent.ly just the day before, reflecting some skepticism about the company’s current market situation. Overall, two analysts have assigned a buy rating while one has issued a sell rating. According to data from MarketBeat, the consensus rating for Urgent.ly’s stock stands at “Hold,” with an average target price of $11.50.

Urgent.ly reported its quarterly earnings results on November 12, 2023, revealing a loss of ($3.63) earnings per share (EPS). This figure fell short of analysts’ consensus estimates, which predicted a loss of ($2.40) per share. Despite the earnings miss, the company generated revenue of $32.94 million, surpassing analyst expectations of $32.30 million.

In recent developments, institutional interest in Urgent.ly has grown. Highbridge Capital Management LLC acquired a new position in the company during the third quarter, purchasing 68,748 shares valued at approximately $222,000. This investment gives Highbridge Capital a 4.91% stake in Urgent.ly. Currently, institutional investors and hedge funds own about 28.30% of the company’s stock, indicating a significant level of interest from larger investment entities.

Urgent.ly operates a mobility assistance software platform that provides roadside assistance services across various regions, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Their offerings include services such as car lockout assistance, tire changes, towing, and electric vehicle support.

As analysts and investors continue to monitor Urgent.ly’s performance, the company’s ability to meet or exceed future expectations will be crucial in shaping its market trajectory.