By Denny Jacob
Shares of WM Technology Inc. gained 22% to $5.35 after the company posted better-than-expected revenue and net profit in its latest quarter.
The cannabis technology solutions provider reported net income of $35.3 million attributable to the business, or earnings per share of 53 cents, compared to $10.1 million a year ago .
Revenue rose to $54.2 million for the quarter ended Dec. 31, from $44.3 million in the fourth quarter of 2020. Chief executive Chris Beals said in prepared remarks that performance was the largest quarterly revenue in the company’s history.
WM Technology had revenue between $255 million and $265 million for the fiscal year ending December 31, 2022, while first quarter revenue is expected to be between $54 million and $56 million. Analysts polled by FactSet forecast $253 million for fiscal 2022 and $53.7 million for the first quarter.
Beals said the company added 300 new paying customers in the fourth quarter and expanded its share of licensees in the United States.
Both Cantor Fitzgerald and Piper Sandler released changes to their price targets on Thursday. Cantor raised its target to $7.65 per share from $6.25, while Piper lowered its target to $9 per share from $14.
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