WM Technology slumps on Q3 sales miss, leadership uncertainty

WM Technology

08/11/2022 14:31

** Shares of cannabis marketplace WM Technology Inc  MAPS.O 
slump 18% to $1.58 after Q3 revenue misses estimates
    ** Co's Q3 revenue of $50.5 mln misses analysts' estimates
of $51.2 mln, as per Refinitiv IBES Data
    ** CEO Chris Beals resigns, effective Nov. 7, to be replaced
by co-founder and former CEO Doug Francis
    ** Co says H2 sales will be closer to wide end of guidance,
and expects Q4 core earnings to be hit by bad debt provisions
    ** Brokerage Truist Securities downgrades stock to "hold"
from "buy"; cuts PT to $2 from $5 on leadership uncertainty and
lowers revenue estimates for FY23 on falling demand
    ** Piper Sandler cuts PT to $3 from $4 citing inflationary,
regulatory and operating challenges for co particularly in
California
    ** Two of six brokerages rate the stock "buy" or higher,
four "hold"; their median PT is $3.20 - Refinitiv 
    ** Up to Monday's close, stock had fallen 68% compared with
37% decline in the NASDAQ computer index  .IXK 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))