STOCKS TELEGRAPH

Author: Asim Kamal

  • Here is why Westport Fuel Systems Inc. (WPRT) had a good Thursday?

    Westport Fuel Systems Inc. (WPRT) shares surged 25.83% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $4.92 per share. In the regular trading session on Thursday, WPRT’s stock gained 3.71%. WPRT shares have risen 139.88% over the last 12 months, and they have moved down 4.40% in the past week. Over the past three months, the stock has lost 36.27%, while over the past six months, it has declined 53.23%. The company has a current market of $660.00 million and its outstanding shares stood at 168.80 million.

    WPRT Latest financial results announcement

    On August 05, 2021, Westport Fuel Systems Inc (WPRT) reported financial results for the second quarter ended June 30, 2021.

    Q2 2021 financial highlights

    • WPRT reported revenue of $84.7 million for Q2 2021 compared to $36.0 million inQ2 2020.
    • Operating expenses were $19.4 million in Q2 2021 compared to $10.5 million in Q2 2020.
    • In Q2 2021, net income (loss) was $17.2 million and net income (loss) per share was $0.11 compared to $3.0 million and net income(loss) per share was $0.02 in Q2 2020.
    • Adjusted EBITDA was $6.2 million in Q2 2021 which was the same in Q2 2020.

    WPRT collaboration with TUPY and AVL

    On July 07, 2021, TUPY, Westport Fuel Systems Inc. (WPRT), and AVL List GmbH, jointly announced a collaboration to develop a highly efficient hydrogen (H2) internal combustion engine (ICE) for heavy goods transportation. The direct collaboration aims at combining advanced material and casting technologies with the latest H2 ICE technology using high-pressure direct injection (HPDI).

    WPRT closed a public offering of common shares

    On June 08, 2021, Westport Fuel Systems Inc. (WPRT) closed its previously-announced underwritten marketed public offering of common shares in the United States and Canada for gross proceeds to the Company of US $115,115,000. The Company issued a total of 20,930,000 shares, including 2,730,000 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price to the public of US $5.50 per share.

    The net proceeds from the offer will be used for capital expenditures to expand and automate the production capacity of the Company’s high-pressure direct injection products to meet customer demand.

    Acquiring Stako sp. z o.o.

    On May 28, 2021, Westport Fuel Systems Inc. (WPRT) reached an agreement to acquire Stako sp. z o.o., (Stako) in a transaction valued at €5 Million.

    Stako is a world-leading manufacturer of LPG fuel storage, based in Słupsk, Poland, supplying the aftermarket and original equipment manufacturer market segments through a worldwide network of dealers.

    Conclusion

    The WPRT stock surged on Thursday after the company announced its financial results which beat the earning and revenue estimates. There are high chances that it will continue its momentum on the last trading day of the week.

  • Here is why OneSmart International Education Group Limited (ONE) stock went down in the pre-hours?

    Here is why OneSmart International Education Group Limited (ONE) stock went down in the pre-hours?

    OneSmart International Education Group Limited (ONE) shares fell 8.97% in pre-hours. However, in the regular trading session yesterday, ONE’s stock gained 73.01%. ONE’s shares have fallen 76.58% over the last 12 months, and they have moved up 61.78% in the past week. Over the past three months, the stock has lost 69.10%, while over the past six months, it has declined 75.75%. The company has a current market of $140.78 million and its outstanding shares stood at 161.54 million.

    Let’s see why did it lose its positive momentum in the after-hours on Wednesday?

    ONE Stock received a non-compliance letter from NYSE

    On August 4, 2021, OneSmart International Education Group Limited (ONE) received a letter from the New York Stock Exchange notifying OneSmart that it is below compliance criteria in connection with the performance of the trading price of OneSmart’s American depositary shares.

    The company closing price of a security as reported on the consolidated tape is less than US$1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above US$1.00 by six months following receipt of the notification.

    ONE Stock Provided an important update

    on July 24, 2021, China’s official state media, including Xinhua News Agency and China Central Television, announced the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education issued by the General Office of the CPC Central Committee and the General Office of the State Council.

    On July 26, 2021, OneSmart International Education Group Limited (ONE) responded to the above-mentioned matter and said that the company will continue to comply with all applicable rules and regulations in providing educational services. The Company is carefully considering the provisions of the Opinion and assessing their implications for the Company’s business.

    Upcoming ONE AGM

    OneSmart International Education Group Limited (ONE) will hold its 2021 annual general meeting of shareholders at 2161 North Zhongshan Road, Putuo District, Shanghai 200333, the People’s Republic of China on August 30, 2021, at 2 p.m., local time.

    Still, there is no proposal announced for the meeting.

    Important management changes

    On June 26, 2021, OneSmart International Education Group Limited announced that Mr. Honggang (Greg) Zuo, the Company’s director, chief financial officer, and chief strategic officer, has resigned due to family reasons.

    The company also announced that Mr. Qiang (Eason) Zhou, vice president of finance, will report directly to Mr. Steve Zhang, the Company’s chief executive officer. Mr. Zhou joined OneSmart in 2008 and has served successively as financial controller, senior financial controller, assistant vice president, and vice president of finance of the Company.

    Conclusion

    The ONE stock declined in the pre-hours after the non-compliance notice from NYSE. There was no reason behind its exceptional surge in the regular trading on Wednesday.

  • Here is why Uber Technologies Inc. (UBER) stock sank on Wednesday?

    Uber Technologies Inc. (UBER) shares plunged 4.69% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $39.85. In the regular trading session on Wednesday, UBER’s stock lost 2.29%. The stock volume remained 39.28 million shares, which was higher than the average daily volume of 19.63 million shares within the past 50 days. The company shares have risen 27.94% over the last 12 months, and they have moved down 9.38% in the past week. Over the past three months, the stock has lost 18.31%, while over the past six months, it has declined 26.80%.

    Recent financial results announcement

    On August 04, 2021, Uber Technologies, Inc. reported its financial results for the quarter ended June 30, 2021.

    UBER Stock Q2 2021 financial highlights

    • The total revenue was $3.93 billion in Q2 2021 compared to $1.91 billion in Q 2020.
    • Gross Bookings were $21.9 billion in Q2 2021 compared to $10.23 billion in Q2 2020.
    • Total cost and expenses were $5.12 billion compared to $3.52 billion in Q2 2020.
    • It reported a net income (loss) of $1.1 billion in Q2 2021 compared to a $1.78 billion loss in Q2 2020.
    • Adjusted EBITDA was $509 million for the reported quarter compared to $837 million in Q2 2020.
    • As of June 30, 2021, the company had unrestricted cash, cash equivalents and short-term investments of $5.0 billion.

    Uber stock U.S office staff require vaccination

    Uber Technologies Inc rescheduled its U.S office employees return-to office date from September to Oct. 25 and further warned that it be further delayed depending on the global coronavirus cases.

    Staffers who do come voluntarily will be required to wear a mask, regardless of their vaccination status, starting immediately. Uber also made it mandatory for all employees in the office to be vaccinated against Covid-19 starting Monday, August 2.

    SoftBank sold 45 million shares

    SoftBank Group Corp. which is the largest investor in Uber sold $2.1 billion of its stake in Uber Technologies Inc. in a block trade through Goldman Sachs.

    SoftBank, Uber’s largest investor, is trimming its stake in the ride-hailing giant from 184 million shares as of March 31 and now its stake in the biggest ride-sharing company is down to less than 100 million shares.

    Acquisition of  Transplace

    On July 22, 2021, Uber Freight and Transplace entered into a definitive agreement to acquire Transplace for approximately $2.25 billion, consisting of up to $750 million in the common stock of Uber Freight’s parent company. Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset firm TPG.

    Conclusion

    Uber stock slid down on Wednesday, after its Q2 2021 results which are not what investors were expecting. It can further see a decline in the coming days due to poor financial results.

  • Why did Fastly Inc. (FSLY) stock plummet on Wednesday?

    Why did Fastly Inc. (FSLY) stock plummet on Wednesday?

    Fastly Inc. (FSLY) shares plummeted 19.58% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $35.82. earlier in the regular trading on Wednesday, FSLY’s stock lost 3.66%. FSLY shares have fallen 61.66% over the last 12 months, and they have moved down 11.54% in the past week. Over the past three months, the stock has lost 23.29%, while over the past six months, it has plunged 59.45%.

    Let’s have a look at its recent news and developments.

    FSLY recent financial results announcement

    On August 4, 2021, Fastly, Inc. (FSLY) reported its financial results for the second quarter of 2021.

    Q2 2021 financial highlights

    • FSLY reported revenue of $85.1 million for Q2 2021 compared to $75 million in Q2 2020.
    • GAAP gross margin was 52.6% in Q2 2021 compared to 60.2% in Q2 2020.
    • The total operating expenses were $102 million in Q2 2021, compared to $59 million in Q2 2020.
    • It suffered a net loss of $58 million, or a $0.51 loss per basic and diluted shares in Q2 2021, compared
    • to $14 million or a $0.14 loss per basic and diluted shares in Q2 2020.
    • Cash used in operations was $17 million in Q2 2021in the quarter, compared to $9 million in Q2 2020.
    • As of June 30, 2021, the company had $1.1 billion in cash, restricted cash, and investments, including those classified as long-term.

    Updated financial guidance for FY and Q3 2021

    for Q3 2021, FSLY is expecting

    • Revenue in the range of 82 to 85 million
    • Non-GAAP operating loss in the range of negative 23 to negative 19 million
    • Non-GAAP net loss per share in the range of negative $0.21 to negative $0.18.

    For FY 2021, Fastly is expecting

    • Revenue in the range of 340 million to 350 million
    • Non-GAAP operating loss in the range of negative 75 to negative 65 million
    • Non-GAAP net loss per share in the range of negative $0.65 to negative $0.57, from negative $0.21 to negative $0.18.

    FSLY achieved a critical milestone

    On July 28, 2021, Fastly, Inc. (FSLY) announced the beta availability of the Signal Sciences agent on the Fastly edge cloud platform. This represents a critical milestone toward Fastly’s vision of empowering developers to protect apps and APIs in every environment cloud, on-premise, hybrid, and now at the network edge. With this integration, customers will be able to leverage the powerful signal technology to write and push out rules in real-time to track suspicious requests and block attacks sooner.

    Conclusion

    The recent financial results missed the analyst’s revenue estimates which resulted in plummeting of FSLY stock on Wednesday. There was another reason behind its loss as the company revealed yesterday that in June, its network faced a global outage affecting nearly all customers and it resulted in the loss of many customers.

  • Ampio Pharmaceuticals Inc. (AMPE) stock turn towards positivity in the after-hours on Wednesday?

    Ampio Pharmaceuticals Inc. (AMPE) stock turn towards positivity in the after-hours on Wednesday?

    Ampio Pharmaceuticals Inc. (AMPE) shares gained 11.57% in after-hours on Wednesday, August 04, 2021, and closed at $1.35 per share. however, in the regular trading session of Wednesday, AMPE’s stock lost 8.33%. The stock volume remained 3.3 million shares, which was higher than the average daily volume of 2.05 million shares within the past 50 days. AMPE shares have risen 9.01% over the last 12 months, and they have moved down 14.79% in the past week. Over the past three months, the stock has lost 32.78%, while over the past six months, it has declined 30.46%.

    Let’s see is there any recent news about the company?

    AMPE recent financial results announcement

    On August 4, 2021, Ampio Pharmaceuticals, Inc. (AMPE), reported its financial results for the second quarter period ended June 30, 2021.

    Q2 2021 financial highlights

    • AMPE suffered a net loss of $3.56 million in Q2 2021 or basic and diluted loss per share of $0.02 in Q2 2021 compared to $2.7 million net loss or basic and diluted loss per share of $0.02 in Q2 2020.
    • Total operating expenses were $3.64 million for Q2 2021 compared to $2.6 million in Q2 2020.
    • As of June 30, 2021, the company had cash and cash equivalents totalled $20.5 million, compared to $17.3 million on December 31, 2020.

    AMPE Participation in the upcoming conferences

    • AMPE announced to do a poster presentation at the 63rd annual Thomas L. Petty Aspen Lung Conference which will be held on September 20 to 23, 2021, at the Gant Conference Center in Aspen, Colorado. The topic of the poster presentation is “Inflammation and COVID Induced ARDS: Inhaled Ampion™ as a Therapeutic Option”.
    •  Ampio Pharmaceuticals will do an abstract presentation virtually at the 14th International Congress on Systemic Lupus Erythematosus (LUPUS 2021) & the 6th International Congress on Controversies in Rheumatology and Autoimmunity (CORA) on October 6-9, 2021. The topic of the abstract is “Significant Inhibition of the TLR7/CXCL10 Signaling Axis by LMWF5A in Monocytic Lineages; Implications for COVID-19 and Lupus Nephritis,”
    • The company will also participate virtually at the upcoming American College of Toxicology 42nd Annual Meeting, which will be held on November 14 to 17, 2021, at the Gaylord National Harbor in Washington, DC. AMPE will do a poster presentation about “Efficient Applied Toxicology during COVID-19: A Preclinical Study that Advanced Clinical Use of Ampion”.

    AMPE provide an update about Ampion™ Phase II clinical trial

    On June 25, 2021, Ampio Pharmaceuticals announced randomization and dosing of patients in its multi-centre AP-019 Phase II clinical trial, using inhaled Ampion™ in the treatment of respiratory distress due to COVID-19, is underway.

    Ampion interrupts the hyperactive immune response associated with COVID-19 and may improve the clinical outcome for patients suffering from its complications because it contains an immunomodulatory agent with anti-inflammatory effects.

    Conclusion

    We have only one recent news which is AMPE Q2 2021 financial results which could be the reason behind its turnaround in the after-hours on Wednesday.

  • Why China XD Plastics Company Limited (CXDC) stock could not keep its positive momentum in Tuesday’s after-market?

    Why China XD Plastics Company Limited (CXDC) stock could not keep its positive momentum in Tuesday’s after-market?

    China XD Plastics Company Limited (CXDC) declined 21.82% in after-hours on Tuesday, August 03, 2021, and closed at $0.73 per share. in the regular trading session of Tuesday, CXDC’s stock gained 152.65%. The stock volume remained 43.02 million shares, which was higher than the average daily volume of 1.12 million shares within the past 50 days. CXDC shares have fallen 19.83% over the last 12 months, and they have moved up 126.77% in the past week. Over the past three months, the stock has lost 11.43%, while over the past six months, it has shed 16.22%.

    Let’s see is there any reason behind its exceptional surge on Tuesday?

    CXDC received notice from Nasdaq

    On May 27, 2021, China XD Plastic Company Limited (CXDC) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, and because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

    Class Action Suit Against CXDC

    On March 2, 2021, Squitieri & Fearon LLP filed a class action seeking to represent stockholders of China XD Plastics Company Limited (CXDC) purchased its stock before September 30, 2020.

    According to the law firm, China XD and certain of its officers violated the Securities Exchange Act of 1934.

    The complaint alleges that, throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and/or failing to disclose adverse facts about the Company’s business, operations and prospects.

    Specifically, defendants engineered the Merger to benefit China XD’s founder Han and the Buyer Group without regard for China XD’s public stockholders. Accordingly, this action seeks, inter alia, to enjoin the proposed closing of the merger and rescinding the vote approving the Merger.

    CXDC Q3 2020 financial results announcement

    On November 16, 2020, China XD Plastics Company Limited (CXDC) announced its financial results for the third quarter ended September 30, 2020.

    Q3 2020 financial highlights

    • CXDC reported revenue of US$290.1 million for Q3 2020 compared to US$373.2 million in Q3 2019.
    • Gross profit was US$34.6 million in the third quarter ended September 30, 2020, compared to US$60.1 million in Q3 2019.
    • Total operating expenses were $44.4 million in Q3 2020 compared to $26.4 million in Q3 2019.
    • It suffered a net loss of US$38.0 million basic and diluted loss per share of US$0.56 in Q3 2020 compared to net income of US$17.0 million or basic and diluted income per share of US$0.25 in Q3 2019.

    Conclusion

    Well, since November 2019, there is no news or development about the company, CXDC did not file its 2020 financial results yet its exceptional surge on Tuesday is a bit strange and had no grounds at all.

  • Here is why Cerus Corporation (CERS) stock surged in the after-markets on Tuesday?

    Here is why Cerus Corporation (CERS) stock surged in the after-markets on Tuesday?

    Cerus Corporation (CERS) shares surged 15.79% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $5.94 per share. in the regular trading session on Tuesday, CERS’s stock gained 0.39%. CERS shares have fallen 30.77% over the last 12 months, and they have moved up 6.88% in the past week. Over the past three months, the stock has lost 8.39%, while over the past six months, it has declined 29.63%. The company has a current market of $878.10 million and its outstanding shares stood at 168.82 million.

    Let’s discuss its recent news and developments.

    CERS latest financial results announcement

    On August 03, 2021, Cerus Corporation (CERS) reported its financial results for the second quarter ended June 30, 2021.

    Q2 2021 financial highlights

    • CERS reported revenue of $37.8 million in Q2 2021 compared to $26.83 million in Q2 2020.
    • Total operating expenses were $36.8 million in Q2 2021 compared to $31.7 million for the same period of the prior year.
    • It suffered a net loss of $15.4 million, or $0.09 per basic and diluted share in Q2 2021 compared to a net loss of $14.9 million, or $0.09 per basic and diluted share, for the second quarter of 2020.
    • As of June 30, 2021, the company had cash, cash equivalents, and short-term investments of $123 million.

    Revised FY 2021 financial outlook

    For FY 2021, CERS is expecting product revenue to be in the range of $118 million to $122 million, as compared to the prior range of $110 million to $114 million.

    NTAP for INTERCEPT Fibrinogen Complex

    On August 03, 2021, Cerus Corporation (CERS) announced that the U.S. Centers for Medicare & Medicaid Services (CMS) granted a new technology add-on payment (NTAP) for INTERCEPT Fibrinogen Complex within the Medicare Hospital Inpatient Prospective Payment System (IPPS). The NTAP was granted under CMS’ alternative NTAP pathway, which recognizes the transformative nature of products granted Breakthrough Device designation by the U.S. Food and Drug Administration (FDA).

    CERS Collaboration with LifeSouth

    On June 30, 2021, Cerus Corporation (CERS) signed an agreement with LifeSouth Community Blood Centers (LifeSouth) to serve as a production partner for INTERCEPT® Fibrinogen Complex, the company’s pathogen reduced cryoprecipitated fibrinogen complex product. LifeSouth is the fifth production partner for INTERCEPT Fibrinogen Complex, enabling the initial commercial launch of the product to expand into the state of Florida.

    CERS Contract with Canadian Blood Services

    On May 17, 2021, Cerus Corporation (CERS) announced its contract with Canadian Blood Services for the INTERCEPT Blood System for Platelets. Canadian Blood Services is one of Canada’s two blood operators, serving all Canadian provinces and territories except Quebec.

    Conclusion

    CERS stock surged in the after-hours on Tuesday after the company released strong financial results for the second quarter. we are pretty confident that it will keep its positive momentum in the coming days.

  • Why Lyft Inc. (LYFT) stock price fluctuated on Tuesday?

    Why Lyft Inc. (LYFT) stock price fluctuated on Tuesday?

    Lyft Inc. (LYFT) shares gained 0.36% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $55.58. in the regular trading session of Tuesday, LYFT’s stock lost 1.11%. LYFT shares have risen 90.37% over the last 12 months, and they have moved up 3.86% in the past week. Over the past three months, the stock has lost 1.44%, while over the past six months, it has declined 16.59%. The company has a current market of $18.71 billion and its outstanding shares stood at 326.17 million.

    Let’s see what are the latest news about the ride-sharing company?

    LYFT Latest financial results announcement

    On August 03, 2021, Lyft, Inc. (LYFT) reported its financial results for its second quarter ended June 30, 2021.

    LYFT Q2 2021 financial highlights

    • Lyft earned a revenue of $765.0 million in Q2 2021 compared to $339.3 million in the second quarter of 2020.
    • It suffered a net loss of $251.9 million in Q2 2021 compared to a net loss of $437.1 million in the same period of 2020.
    • Adjusted net loss was $18.0 million in Q2 2021 compared to an Adjusted net loss of $265.8 million in the second quarter of 2020.
    • Adjusted EBITDA was $23.8 million for Q2 2021, which is the first positive EBITDA for the company.
    • As of June 30, 2021, company had $2.2 billion of unrestricted cash, cash equivalents and short-term investments.

    Q3 2021 financial Guidance

    For Q3 2021, the company is expecting revenue of $850 million to $860 million, which is lower than the analyst’s predicted figure of $869.1 million.

    LYFT To Launch Self-Driving Cars

    The ride-hailing service, LYFT, announced on Wednesday, July 21, 2021, that it will have a fleet of self-driving cars from Ford and Argo in service by the end of the year. Argo AI and Ford will deploy Ford self-driving cars, with safety drivers, on the Lyft network. Both companies are expecting to get 1,000 self-driving cars across multiple cities by 2026.

    LYFT resumed shared rides in the U.S

    On July 15, 2021, Lyft Inc resumed the option for passengers to book shared rides in select U.S. markets for the first time since the pandemic, when shared trips were scrapped to halt the spread of the novel coronavirus.

    The company said it plans to resume the split share service to all 18 cities in the next few months.

    Wearing the mask would be compulsory for the drivers and riders and that drivers could opt out of offering shared rides. Shared rides would also be limited to two passengers, with the middle and front seats remaining empty.

    Conclusion

    The Q2 2021 results were not the reason behind Lyft price fluctuation. It was the financial outlook for Q3 2021 which disappointed the investors and Lyft stock felt pressure on Tuesday. Still, the company has the potential to continue positive momentum in the coming days.

  • Here is whyChembio Diagnostics Inc. (CEMI) stock skyrocketed on Tuesday?

    Here is whyChembio Diagnostics Inc. (CEMI) stock skyrocketed on Tuesday?

    Chembio Diagnostics Inc. (CEMI) shares rose 17.33% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $4.13 per share. in the regular trading session of Tuesday, CEMI’s stock gained 19.73%. The stock volume remained 48.63 million shares, which was higher than the average daily volume of 13.71 million shares within the past 50 days. CEMI shares have fallen 40.03% over the last 12 months, and they have moved up 28.00% in the past week. Over the past three months, the stock has lost 4.09%, while over the past six months, it has declined 51.78%.

    Let’s have a look at its recent news and developments.

    CEMI upcoming financial results announcement

    Chembio Diagnostics, Inc. (CEMI) will release its financial results for the second quarter of 2021 after the close of trading on Thursday, August 5, 2021. A corresponding conference call will begin at 4:30 p.m. Eastern Time on August 5, 2021.

    CEMI recent $4 million HIV Test purchase order

    On July 22, 2021, Chembio Diagnostics, Inc. (CEMI) received a $4 million purchase order from the Partnership for Supply Chain Management (PFSCM), supported by The Global Fund, for the purchase of Chembio’s HIV 1/2 STAT-PAK Assay for shipment to Ethiopia into early 2022.

    CEMI received Huge Covid-19 test kit order

    On July 21, 2021, Chembio Diagnostics, Inc (CEMI) shares doubled in premarket trading, after it received a $28.3 million purchase order from Bio-Manguinhos for SARS-CoV-2 Antigen tests in Brazil.

    The rapid test was verified as commercially viable in the spring, and this massive order boosted investor confidence. Because COVID-19 cases are rising in certain parts of the world, more test orders could occur at any time.

    CEMI Q1 2021 financial results announcement

    On May 06, 2021, Chembio Diagnostics, Inc (CEMI) reported financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • CEMI earned revenue of $8.7 million in Q1 2021 compared to $
    • The gross product margin was $0.5 million in Q1 2021, compared to $1.3 million in Q1 2020.
    • The total costs and expenses were $12.58 million in Q1 2021 compared to $11.3 million in Q1 2020.
    • The company suffered a net loss of $4.5 million, or $0.22 per diluted share in Q1 2021, compared to a net loss of $5.0 million, or $0.29 per diluted share in Q1 2020.
    • As of March 31, 2021, CEMI had total cash and cash equivalents of $14.4 million.

    Conclusion

    The recent purchase order which CEMI received and the upcoming financial results announcement could be the reason behind its exceptional performance on Tuesday. We can expect it to continue its momentum in the coming days.

  • Why did Hollysys Automation Technologies Ltd. (HOLI) stock rallied on Monday?

    Hollysys Automation Technologies Ltd. (HOLI) shares jumped 17.42% in after-hours on Monday, August 2, 2021, and closed at $18.20 per share. In the regular trading session, HOLI’s stock gained 2.79%. HOLI shares have risen 28.10% over the last 12 months, and they have moved up 2.65% in the past week. Over the past three months, the stock has gained 13.89%, while over the past six months, it has lost 8.77%.

    Let’s have a look at its recent news and developments.

    HOLI Board evaluating the acquisition offers

    On Aug. 2, 2021, HollySys Automation Technologies Ltd. (HOLI) announced that the Company’s Board of Directors is in the process of evaluating a non-binding offer from Superior Emerald (Cayman) Limited which was received on July 20, 2021, to acquire all of the outstanding ordinary shares of the Company for US$23.00 per share in cash. This follows an offer from CPE Funds Management Limited, to acquire all of the outstanding ordinary shares of the Company for $17.10 per share in cash which was publicly disclosed by the CPE Consortium and to which the Company responded earlier.

    Deadline extension for HOLI shareholders

    On July 22, 2021, the buyer consortium extended the deadline to on or before August 20, 2021, by which shareholders of Hollysys Automation Technologies Ltd. (HOLI) may submit consents to the Consortium’s proposed resolutions concerning its proposed acquisition of all outstanding ordinary shares of the Company not already owned by the Consortium at $17.10 per share in cash.

    HOLI refused the Consortium offer

    On July 15, 2021, HollySys Automation Technologies Ltd (HOLI) replied to the false claims put forth by a consortium comprised of Mr Baiqing Shao, Ace Lead Profits Limited and CPE Fund Management Limited regarding the Company’s past performance.

    The Board of Directors wrote a letter to its shareholders and updated them about the Consortium offer, and the misrepresentations they have made. The Board also rejected the Consortium’s bid of US$17.10 per share which greatly undervalues the Company.

    HOLI Recent business update

    On July 6, 2021, Hollysys Automation Technologies Ltd announced its business update and revised financial outlook.

    The revised financial outlook for FY 2021

    • The company is expecting revenue in the range of approximately $560 million to $595 million in FY2021.
    • The industrial automation business of the company is expected to increase by 30% year-over-year.

    Business update

    • The Company won a 2*660MW integration contract with a power company in Q4 2021.
    • Hollysys will provide DCS, Safety Instrumented System (SIS), Gas Detection System (GDS), Fusion Digital Simulation (FDS), Asset Management System (AMS), OTS, Manufacturing Execution System (MES), fire and gas probes and low-temperature detection instruments in a benchmark project of a core state-owned backbone enterprise in the petrochemical segment.
    • The Company signed a procurement contract for smart I/O system upgrade a new material workshop in Shandong, in terms of new product promotion.
    • The Company signed the first outdoor monitoring and intelligent diagnosis engineering system for track circuits, in the high-speed rail business in Q4 2021.

    Conclusion

    The counter-offer of US$23.00 per share in cash for the HOLI acquisition is the reason behind its recent gains on Monday and we expect it to perform well in the coming days as well.