8 Best Pot Stocks to Buy

4. WM Technology, Inc. (NASDAQ:MAPS)

Number of Hedge Fund Holders: 13

WM Technology, Inc. (NASDAQ:MAPS) provides e-commerce and compliance software solutions to retailers and brands in the cannabis market in the United States and internationally. The California-based company reported revenue of $44.39 million in Q1 2024, a 4.3% decrease from the same quarter last year. However, thanks to lower operating expenses, it reported a net profit of around $1.23 million against a net loss of $2.48 million in Q1 2023. The debt-free company also generated free cash flow and ended Q1 with cash holdings of $35.7 million, an increase of $9.8 million YoY.

MAPS’ business is heavily focused on the highly competitive market of California, which contributed 52% of its total Q1 revenue. However, this was down from 56% in 2022 and 61% in 2021, indicating that the company’s efforts for geographical expansion are slowly bearing fruit.

Many investors were recently concerned about WM Technology, Inc. (NASDAQ:MAPS) potentially delisting from the NASDAQ due to breaking the $1 minimum, but the company has slightly recovered since then and closed at $1.01 on the 24th of June. This may not seem like much but the stock has gained 26.25% since the beginning of the year. Another concerning news was that the technology company received a warning from NASDAQ on May 14th due to the absence of its quarterly report for the period ending March 31, 2024, and its annual report for the year ending December 31, 2023. A week later, it filed both and attributed the delay to a recent change in executive finance leadership.

Shares of MAPS were held by 13 hedge funds a the end of Q1 2024, with Rima Senvest Management boasting the largest stake of around 2.7 million shares, valued at $3.58 million.