Webull Corp’s general counsel and director James Benjamin Worthy sold 50,273 Class A ordinary shares on August 21 at prices between $9.00 and $9.025 per share, totaling approximately $453,276, according to a filing dated August 24.
The transaction reduced Worthy’s direct holdings to 1,150,991 shares. Webull’s stock, which closed at $8.78 on the same day, has gained 52% over the past six months, though the sale price exceeded the current market level.
The company’s second-quarter results, released in July, showed revenue of $198.8 million, up 51% year-over-year, with adjusted operating income surging 169% to $62.6 million. Earnings per share came in at $0.05, beating analyst expectations. Rosenblatt cited regulatory changes, including the elimination of the standard day trader rule, as key drivers of the revenue growth.
InvestingPro data indicated Webull’s stock was trading at a 109x earnings multiple, suggesting overvaluation relative to its fair value estimate. Rosenblatt maintained a buy rating but raised its price target from $13 to $15, citing sequential improvements in revenue capture rates.
