Leafly (NASDAQ:LFLY) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Leafly (NASDAQ:LFLYGet Rating) issued its earnings results on Thursday. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03, reports. The company had revenue of $11.78 million for the quarter, compared to the consensus estimate of $11.75 million. Leafly updated its FY 2022 guidance to EPS.

Leafly Stock Up 15.1 %

Shares of Leafly stock traded up $0.12 during trading hours on Friday, reaching $0.92. The company’s stock had a trading volume of 429,338 shares, compared to its average volume of 595,531. Leafly has a one year low of $0.59 and a one year high of $11.58. The company has a market capitalization of $36.69 million, a P/E ratio of 15.34 and a beta of 1.46. The stock’s fifty day simple moving average is $0.92 and its two-hundred day simple moving average is $4.25. The company has a debt-to-equity ratio of 131.75, a quick ratio of 2.60 and a current ratio of 2.60.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Cowen cut their target price on shares of Leafly from $12.00 to $4.00 and set an “outperform” rating on the stock in a research note on Friday, August 12th. Benchmark dropped their price objective on shares of Leafly from $12.00 to $6.50 in a research note on Friday, August 12th. Finally, Cowen dropped their price objective on shares of Leafly from $12.00 to $4.00 and set an “outperform” rating on the stock in a research note on Friday, August 12th.

Insider Buying and Selling at Leafly

In other news, major shareholder Brendan Kennedy sold 50,000 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $2.02, for a total value of $101,000.00. Following the completion of the sale, the insider now owns 3,947,603 shares in the company, valued at $7,974,158.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Brendan Kennedy sold 50,000 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $2.02, for a total value of $101,000.00. Following the completion of the sale, the insider now owns 3,947,603 shares in the company, valued at $7,974,158.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Samuel James Louis Martin sold 26,358 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $1.50, for a total transaction of $39,537.00. Following the completion of the sale, the chief operating officer now owns 53,587 shares of the company’s stock, valued at approximately $80,380.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,164 shares of company stock valued at $274,169. Corporate insiders own 21.80% of the company’s stock.

Institutional Trading of Leafly

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE purchased a new stake in Leafly during the first quarter worth about $31,000. JPMorgan Chase & Co. purchased a new stake in Leafly during the first quarter worth about $41,000. RiverPark Advisors LLC purchased a new stake in Leafly during the first quarter worth about $43,000. Northern Trust Corp increased its holdings in Leafly by 12.9% during the second quarter. Northern Trust Corp now owns 51,112 shares of the company’s stock worth $230,000 after buying an additional 5,853 shares during the last quarter. Finally, Skaana Management L.P. purchased a new stake in Leafly during the first quarter worth about $89,000. Hedge funds and other institutional investors own 22.89% of the company’s stock.

About Leafly

(Get Rating)

Leafly Holdings, Inc owns and operates a platform to provide consumers with cannabis information and connects consumers to cannabis brands and licensed retailers. It offers subscription-based marketplace listings, digital advertising solutions, and software as a service-based tools to cannabis retailers and brands; and information, reviews, menus, and ordering and delivery options to its audience through its website and mobile applications.

Further Reading

Receive News & Ratings for Leafly Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Leafly and related companies with MarketBeat.com's FREE daily email newsletter.