STOCKS TELEGRAPH

Author: Asim Kamal

  • Why Dyne Therapeutics Inc. (DYN) stock underperformed on Friday?

    Dyne Therapeutics Inc. (DYN) shares declined 8.88% in after-hours on Friday, June 25, 2021, and closed at $19.90 per share. Earlier in the morning session, DYN’s stock lost 0.41% to close Friday’s morning session at $21.84. DYN shares have moved up 1.63% in the past week. Over the past three months, the stock has gained 48.47%, while over the past six months, it has shed 7.06%.

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

    Preclinical data presentation from its Facioscapulohumeral Muscular Dystrophy Program

    On June 25, 2021, Dyne Therapeutics, Inc presented preclinical data from its facioscapulohumeral muscular dystrophy (FSHD) program during the 28th Annual FSHD Society International Research Congress. Data highlighted that Dyne’s proprietary FORCE™ platform enabled targeted muscle delivery with its lead FSHD candidate demonstrating potent suppression of DUX4 transcriptome markers.

    New chief scientific officer appointment

    On June 02, 2021, Romesh Subramanian, Ph.D.announced to step down as chief scientific officer for personal reasons and will continue to serve as an advisor to Dyne. Oxana Beskrovnaya, Ph.D., who has served as Dyne’s senior vice president, head of research since January 2020, has been appointed CSO.

    Participation in the health conference

    Dyne Therapeutics recently participated in a fireside chat at the Jefferies Virtual Healthcare Conference which held on Thursday, June 3, 2021.

    New preclinical data presentation of myotonic dystrophy type 1 (DM1) program

    On May 14, 2021, Dyne Therapeutics, Inc presented new preclinical data from its myotonic dystrophy type 1 (DM1) program at the American Society of Gene & Cell Therapy (ASGCT) 24th Annual Meeting, including results demonstrating sustained knockdown of toxic human nuclear DMPK RNA, the genetic basis of the disease.

    The new data showed reductions in toxic human nuclear DMPK RNA with twice the duration and half the dose compared to the data reported earlier in January 2021.

    Recent financial results announcement

    On May 06, 2021, Dyne Therapeutics, Inc announced its financial results for the first quarter of 2021.

    Q1 2021 financial highlights

    • Research and development expenses were $18.6 million in Q1 2021 compared to $6.1 million for the first quarter of 2020.
    • General and administrative expenses were $6.5 million during the first quarter of 2021compared to $1.8 million for the first quarter of 2020.
    • The company reported a net loss of 25.0 million or $0.50 per common share in Q1 2021 compared to$7.9 million, or $0.90 per common share for the first quarter of 2020.
    • As of March 31, 2021, the company had cash, cash equivalents and marketable securities of $483.1 million.

    Conclusion

    The DYN stock loss in the after-hours on Friday is a bit strange because the company announced improved results for the FSHD program on Friday. we hope that DYN shares will start the new week with strong positive momentum.

  • Here is how Torchlight Energy Resources Inc. (TRCH) performed on Friday?

    Torchlight Energy Resources Inc. (TRCH) shares lost 6.06% in after-hours on Friday, June 25, 2021, and closed the week at $4.65 per share. Earlier in the morning session of Friday, TRCH’s stock gained 4.21% to close Friday’s morning session at $4.95 per share. TRCH shares have risen 1212.30% over the last 12 months, and they have moved down 21.05% in the past week. Over the past three months, the stock has gained 167.57%, while over the past six months, it has plummeted 686.46%.

    Let’s discuss its recent news and developments briefly.

    Special Series A Preferred Stock dividend and 1:2 stock split

    On June 25, 2021, Torchlight Energy Resources, Inc announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021.

    Torchlight also implemented a 1 for 2 reverse stock split of its Common Stock. The reverse split was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021, and will become effective aftermarket closing on June 25, 2021.

    Completion of the business combination with Metamaterial Inc

    On June 25, 2021, Torchlight also announced the completion of necessary steps to close the business combination with Metamaterial Inc., and therefore Torchlight expects that the business combination will be effective on June 28, 2021, as of 12:01 AM EDT.

    Torchlight’s name will be changed to “Meta Materials Inc.” and its common stock will begin trading on NASDAQ under the ticker symbol MMAT, from June 28, 2021.

    Business combination announcement

    On December 14, 2020, Torchlight Energy Resources and Metamaterial Inc signed a definitive agreement for a business combination of Torchlight and Metamaterial. Torchlight shareholders will retain an approximate 25% equity whereas shareholders of Metamaterial will get 75% equity interest in a combined company.

    Special dividend announcement

    On June 14, 2021, Torchlight Energy Resources, Inc declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on June 24, 2021 (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).

    Special stockholders meeting

    On June 11, 2021, Torchlight Energy Resources, Inc announced the results from the special meeting of its stockholders, which was held virtually earlier today in connection with the previously announced business combination transaction with Metamaterial, Inc.

    All five proposals to be voted on at the special meeting were approved by the Torchlight stockholders. Torchlight will file a Form 8-K to disclose the final results of the stockholder vote.

    Conclusion

    As of today (June 28) Torchlight Energy Resources’ name will be changed and it will begin trading on NASDAQ under the ticker symbol MMAT so we wish MMAT to surge exceptionally well on its first day and will analyze its performance after few days.

  • Here is why Bioventus Inc. (BVS) stock performed well on Thursday?

    Bioventus Inc. (BVS) shares jumped 5.26% in after-hours on Thursday, June 24, 2021, and closed at $19.00 per share.  Earlier in the morning session, BVS’s stock gained 0.61% to close Thursday’s session at $18.05 per share. BVS shares have moved up by 0.56% in the past week. Over the past three months, the stock has gained 10.67%.  The company has a current market of $1.05 billion and its outstanding shares stood at 41.80 million.

    Upcoming financial results announcement

    Bioventus Inc will be announcing financial results for the second quarter of the fiscal year 2021 on Tuesday, August 10, 2021, after the market closes.

    Recent investment in Vaporox

    On June 24, 2021, Bioventus Inc completed a minority investment in Vaporox, Inc.

    Vaporox was founded in 2016 and is based in Denver, Colorado. Vaporox has developed a patented, ultrasonic technology, Vaporous Hyperoxia Therapy that has demonstrated the ability to heal approximately 85% of DFUs that were unresponsive to the current standard of care.

    Demonstration of PTP-001beneficial growth factors

    On May 25, 2021, Bioventus Inc announced human placental tissue, prepared as a particulate composition, termed PTP-001, was shown to contain an array of beneficial growth factors, cytokines, and anti-inflammatory molecules, which significantly reduced pain and cartilage degeneration in rat osteoarthritis (OA) model. These findings were published on May 19, 2021, in Osteoarthritis and Cartilage.

    Participation in the recent investor conferences

    Bioventus Inc senior management recently participated at the Goldman Sachs 42nd Annual Global Healthcare Conference which held on Wednesday, June 9, 2021.

    Bioventus Inc senior management was also present at the Canaccord Genuity Virtual Musculoskeletal Conference which held on Thursday, May 20, 2021.

    Recent financial results announcement

    On May 12, 2021, Bioventus Inc released its financial results for three months ended April 3, 2021.

    Q1 2021 financial highlights

    • The company reported net sales of $81.8 million for Q1 2021 compared to $78.65 million in Q1 2020.
    • Gross profit was $59.6 million in Q1 2021 compared to $57.2 for the first quarter of 2020.
    • In Q1 2021, operating income was $22.0 million, compared to $13.0 million for the first quarter of 2020.
    • Net Income of $24.5 million for Q1 2021 compared to $10.5 million, for the first quarter of 2020.
    • In Q1 2021, Non-GAAP net income was $35.4 million, compared to $18.1 million, for the first quarter of 2020.
    • Adjusted EBITDA was $11.1 million in Q1 2021 compared to $14.2 million for the first quarter of 2020. 

    Conclusion

    The completion of the investment in Vaporox could be the reason behind its good performance on Thursday and BVS can end the week with a continued surge on Friday as well.

  • Here is why CalAmp Corp. (CAMP) stock plummeted in the after-hours on Thursday?

    CalAmp Corp. (CAMP) shares plunged 7.12% in after-hours on Thursday, June 24, 2021, and closed the day at $13.30 per share. Earlier in the morning session, CAMP’s stock gained 4.07% to close Thursday’s session at $14.32 per share. CAMP shares have risen 89.92% over the last 12 months, and they have moved up 3.24% in the past week. Over the past three months, the stock has gained 33.09%, while over the past six months, it has declined 53.81%.

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

    Latest financial results announcement

    On June 24, 2021, CalAmp announced its financial results for its first quarter of the fiscal year 2022 ended May 31, 2021.

    Q1 2022 financial highlights

    • CalAmp reported total revenue of $79.67 million for Q1 2022 compared to $73.73 million for Q1 2021.
    • The gross margin was 40.7% in Q1 2022, compared to 39% in Q1 2021.
    • The company suffered a GAAP net loss of $6.0 million from continuing operations, or a loss of $0.17per share in Q1 2022 compared to a $6.58 million loss or a loss of $0.19 per share in Q1 2021.
    • Adjusted basis non-GAAP net income was $2.9 million, or $0.08per diluted share in Q1 2022 compared to adjusted non-GAAP net income of $3.0 million or $0.19 per share in Q1 2021.
    • Adjusted EBITDA was $8.4 million in Q1 2022 compared to Adjusted EBITDA of $8.3 million in Q1 2021.
    • As of May 31, 2021, the company had $96.2 million in cash and cash equivalents.

    CalAmp’s Tracker and cap hpi Partnership

    On June 22, 2021, Tracker, which is a subsidiary of CalAmp, signed a partnership agreement with Cap hpi which will help car dealers deliver security to their customers, while also tapping into new income streams hidden on their lots.

    LoJack® Italia partnership with Koelliker Group

    On June 21, 2021, LoJack® Italia, which is a subsidiary of CalAmp announced a partnership with Koelliker Group to provide the pre-installedLoJack® Connect cutting-edge connected car intelligence and services that encourage better driving habits and enhance vehicle safety for more secure and sustainable mobility.

    Update about CalAmp Board members

    The two long-standing directors of CalAmp, A.J. “Bert” Moyer and Larry Wolfe both announced their retirements but will keep serving until the new slate of directors has been ratified at its upcoming Annual Meeting of Stockholders on July 28, 2021. Moyer has served on CalAmp’s Board for more than 16 years and also served as chairman from July 2013 to July 2020. Wolfe served on the Board for more than 12 years and had previously chaired the Company’s Audit Committee.

    Conclusion

    The financial results announcement was the reason behind its poor performance in the after-hours on Thursday. The results improved but not significantly which resulted in declining the CAMP share price.

  • Why AFC Gamma Inc. (AFCG) stock turnaround in the after-hours on Thursday?

    AFC Gamma Inc. (AFCG) shares went up 2.25% in after-hours on Thursday, June 24, 2021, and closed the day at $20.87 per share. Earlier in the morning session, AFCG’s stock lost 2.86% to close the morning session at $20.41 per share. AFCG shares have moved down by 10.68% in the past week. Over the past three months, the stock has gained 0.54%. The company has a current market of $272.82 million and its outstanding shares stood at 13.37 million.

    Pricing of common stock offering

    On June 23, 2021, AFC Gamma, Inc revealed the pricing of its underwritten public offering of 2,750,000 shares of its common stock at a public offering price of $20.50 per share. underwriters will get a 30-day option to purchase up to an additional 412,500 shares of common stock.

    The AFC Gamma will get total gross proceeds of approximately $56.4 million and intends to use the net proceeds from the offering to fund loans related to unfunded commitments to its existing borrowers.

    Recent financial results announcement

    On May 11, 2021, AFC Gamma Inc released its financial results for the fiscal quarter ended March 31, 2021.

    Q1 2021 financial highlights

    The company had a net book value per common share of $16.18 at the end of Q1 2021.

    For Q1 2021, GAAP net income was$1.4 million, or earnings of $0.20 per basic weighted average common share, and distributable earnings of $3.2 million, or $0.45 per weighted average common.

    Dividend Declaration for Q1 and Q2 2021.

    The AFCG previously declared a quarterly dividend of $0.36 per common share for Q1 2021, outstanding paid on March 31, 2021, to stockholders of record on March 15, 2021.

    On May 7, 2021, The Board of Directors declared a quarterly dividend of $0.38 per common share,for the second quarter of 2021, payable on June 30, 2021, to stockholders of record on June 15, 2021.

    Providing funding to Justice Cannabis for its New Jersey Expansion

    On May 06, 2021, AFC Gamma provided a credit facility of $22 million to Justice Cannabis Co, to purchase and complete the build-out of its 72,000 square foot cultivation and processing facility, along with the buildout of a dispensary, both in Ewing, New Jersey.

    Providing significant credit facility to Consortium Inc

    On May 05, 2021 (AFC Gamma, Inc announced it has invested $15 million in Cansortium Inc.’s.

    The consortium is licensed to produce and sell medical cannabis in Florida, where the Borrower is the owner and operator of cultivation and production facilities and operator of 20 dispensaries.

    Conclusion

    Well, as of this writing there is no such news which we could link with its turnaround on Thursday. the pricing of its common stock may be the reason behind its early loss but after that, there was no new development so it is hard to predict how AFCG stock will end the current week.

  • Here is why NIKE Inc. (NKE) stock went up on Thursday after the recent announcement?

    NIKE Inc. (NKE) shares gained 14.10% in after-hours on Thursday, June 24, 2021, and closed the day at $152.44 per share. Earlier, NKE’s stock gained 0.38% to close Thursday’s session at $133.60 per share. NKE shares have risen 33.49% over the last 12 months, and they have moved up 3.63% in the past week. Over the past three months, the stock has gained 3.86%, while over the past six months, it has declined 6.21%.

    Let’s see what are the latest news and developments about NIKE?

    Latest financial results announcement

    On June 24, 2021, NIKE, Inc announced its financial results for its fiscal 2021 fourth quarter and full-year ended May 31, 2021.

    Q4 2021 financial highlights

    • Nike earned a revenue of$12.3 billion for Q4 2021 compared to $6.31 billion for Q4 2020.
    • The gross margin was 8 percent for Q4 2021 compared to 37.3% in Q4 2020.
    • Selling and administrative expenses were $3.74 billion for Q4 20201 compared to $3.19 billion in Q4 2020.
    • For Q4 2021, net income was $1.5 billion, and diluted earnings per share were $0.93 compared to a net loss for the fourth quarter of 2020 of $790 million and a net loss per share of $0.51.

    FY2021 financial highlights

    • NIKE reported revenue of$44.5 billion for FY 2021 compared to $37.4 billion for FY 2020.
    • The gross margin was 8 percent for FY 2021 compared to 43.4% for FY 2020.
    • Selling and administrative expenses were $13.03 billion compared to $13.13 billion for FY 2020.
    • Nike net income was $5.7 billion and diluted earnings per share were $3.56 for FY 2021 compared to $2.54 billion and diluted earnings per share was $1.60 for FY 2020.
    • As of May 31, 2021, Nike had cash and equivalents and short-term investments of $13.5 billion.

    New Space Jam gear

    On June 9, 2021, Nike launched new Space Jam gear. The footwear introduces a new generation of fans to the world of Looney Tunes, featuring colourways and graphic treatments that highlight different characters.

    New customizable Pride collection

    On June 5, 2021, Nike introduced its 2021 Be True collection that puts sport and radical inclusivity together.

    The new customizable collection is supporting more than 20 organizations advancing the LGBTQIA+ community, with some grants administered by the Charities Aid Foundation of America.

    Dividend declaration

    On June 5, 2021, the Board of Directors of NIKE declared a quarterly cash dividend of $0.275 per share on the company’s outstanding Class A and Class B Common Stock payable on July 1, 2021, to shareholders of record at the close of business June 1, 2021.

    Conclusion

    Well, the much-improved financial results announcement was the reason behind its gains on Thursday and NKE can continue to surge on the last day of the week as well.

  • Tower Semiconductor Ltd (TSEM) stock is going up on Thursday’s pre-market?

    Tower Semiconductor Ltd. (TSEM) shares gained 7.64% to trade at $29.44 in pre-market on Thursday, June 24, 2021, as of this writing. Yesterday, TSEM’s stock gained 0.40% to close Thursday’s session at $27.35. TSEM shares have risen 37.30% over the last 12 months, and they have moved down 0.83% in the past week. Over the past three months, the stock has lost 0.91%, while over the past six months, it has declined 11.00%.

    Let’s see what are the latest news about TSEM?

    ST and Tower join forces

    On June 24, 2021, STMicroelectronics announced that it has reached an agreement with Tower Semiconductor to participate in its Agrate R3 300mm fab under construction at its Agrate Brianza site. Tower and ST will collaborate for an accelerated fab ramp-up, which is a key factor to achieve a high utilization level and thus competitive wafer costs.  In R3, ST will share a cleanroom with Tower, which will install equipment in one third of the space.

    Participation at 2021 IMS

    Tower Semiconductor Ltd recently shared technology papers at IMS 2021 and co-hosted the RFIC conference which held on Monday, June 21, 2021. The conference was co-hosted by RFIC, addressing emerging and high-volume semiconductor markets and the company demonstrated breakthrough figureof of merit performances using Tower Semiconductor process device technologies.

    Recent financial results

    OnMay 12, 2021, Tower Semiconductor released its financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • Tower Semiconductor earned a revenue of $347 million inQ1 2021 compared to $300 million in the first quarter of 2020.
    • In Q1 2021, gross profit was$70 million in Q1 2021 compared to $53 million in Q1 2020.
    • Operating profit was $32 million in Q1 2021 compared to $16 million in the first quarter of 2020.
    • The company net profit was $28 million, or $0.26 basic and diluted earnings per share in Q1 2021 as compared to a net profit of $17 million or $0.16 basic and diluted earnings per share in Q1 2020.
    • Total operating cost and expenses were $37.34 million in Q1 2021 compared to $36.1 million in Q1 2020.
    • In Q1 2021, operational activities generated a cash flow of $87 million with an investment in fixed assets of $49 million.

    Use of Tower’s Hi-K VIA capacitor memory in AI-in-Imager products

    On May 6 2021, AIStorm and Tower Semiconductorsaid that AIStorm’s new AI-in-Imager products will use AIStorm’s electron multiplication architecture and Tower’s Hi-K VIA capacitor memory instead of digital calculations to perform AI computation at the pixel level.

    The Hi-K via capacitors reside in the metal layers and thus allow the AI to be built directly into the pixel matrix without any compromise on pixel density or size, and also results in saving multiple die packaging costs and power required of competitive digital systems.

    Conclusion

    The recent collaboration of STMicroelectronics with Tower Semiconductor is the reason behind TSEM early pre-market surge on Thursday. TSEM stock can continue to surge in the rest of the week, based on its recent developments.

  • Why Presidio Property Trust Inc. (SQFT) stock pop up in the after-markets on Wednesday?

    Presidio Property Trust Inc. (SQFT) shares pop up 9.11% in after-hours on Wednesday, June 23, 2021, and closed at $4.43 per share. Earlier in the morning session, SQFT’s stock gained 1.25% to close Wednesday’s session at $4.06. SQFT shares have moved up 0.25% in the past week. Over the past three months, the stock has gained 12.47%, while over the past six months, it has shed 26.05%.

    Full Exercise of Over-Allotment Option

    On June 17, 2021, Presidio Property Trust announced that the underwriters of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) have exercised in full their over-allotment option to purchase an additional 120,000 shares of Series D Preferred Stock from Presidio at a price to the public of $25.00 per share for gross proceeds of $3.0 million. Presidio will get gross proceeds of $23.0 million after selling a total of 920,000 shares.

    Closing of Its Upsized Public Offering of Preferred Stock

    On June 15, 2021, Presidio Property Trust closed its upsized public offering of 800,000 shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) at a price to the public of $25.00 per share for gross proceeds of $20.0 million.

    Sales of Highland Court and Executive Office Park Properties

    On May 27, 2021, Presidio Property Trust announced the sales of its Highland Court and Executive Office Park properties. Highland Court was sold on May 20, 2021. on May 21, 2021, Presidio sold its three remaining buildings at Executive Office Park, a four-building office complex in Colorado Springs, Colorado.

    Update on Model Home Activity

    On May 20, 2021, Presidio Property Trust acquired six model home properties through subsidiary and affiliate entities. These newly constructed single-family homes are located in the Dallas-Fort Worth metroplex and are leased back to the homebuilders on a triple-net basis.

    Second-Quarter 2021 Dividend declaration

    On May 21, 2021, the Board of Directors of Presidio Property Trust, Inc. declared a cash dividend of $0.102 per share on its Series A Common Stock for the second quarter of 2021. This is the second consecutive quarterly dividend increase since Presidio Property’s initial public offering in October of 2020.

    Recent financial results

    On May 11, 2021, Presidio Property Trust, Inc announced its unaudited financial results for its first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • Total revenue for Q1 2021 was $5.7 million compared to $7.03 million for Q1 2020.
    • Total cost and expenses were $5.10 million for Q1 2021, compared to $5.30 million in Q1 2020.
    • Presidio Property Trust suffered an et loss of approximately $2.7 million, or $0.28 per basic and diluted share in Q1 2021, compared to a net loss of $1.1 million, or $0.12 per basic and diluted share for the three months ended March 31, 2020.

    Conclusion

    Well as of this writing, there is no recent news or development which could be linked with its gains in the after-markets on Wednesday.

  • Why India Globalization Capital, Inc (IGC) stock rallied in the after-hours on Wednesday after the recent announcement?

    India Globalization Capital Inc. (IGC) shares rallied 52.03% in after-hours on Wednesday, June 23, 2021, and closed the day at $2.25 per share. in the morning session on Wednesday, IGC’s stock remained unchanged and closed the session at $1.48 per share. IGC shares have risen 153.95% over the last 12 months, and they have moved down 6.92% in the past week. Over the past three months, the stock has lost 13.95%, while over the past six months, it has declined 16.38%.

    Let’s try to find out the reason behind its surge in the after-hours on Wednesday.

    Completion of phase 1 clinical trial of IGC-AD1on Alzheimer’s Patients

    On June 23, 2021, India Globalization Capital, Inc completed Cohort 3 of its Phase 1 clinical trial on IGC’s tetrahydrocannabinol (THC)-based investigational new drug, IGC-AD1, intended to ease the symptoms of individuals suffering from Alzheimer’s disease.

    FDA provided the approval for Phase 1 trial of IGC-AD1, on Alzheimer’s patients on July 30, 2020. On June 8, 2021, IGC completed Cohort 2 of its Phase 1 clinical trial of IGC-AD1.

    The Data and Safety Monitoring Committee of IGC’s clinical trial will review the data from Cohort 3, and IGC will report its findings from all three Cohorts to the FDA.

    Recent financial results announcement

    On June 14, 2021, India Globalization Capital, Inc. released its financial results for the Fiscal Year Ended March 31, 2021.

    FY 2021 financial highlights

    • India Globalization Capital reported revenue of approximately $898 thousand for FY 2021 compared to $4.1 million for Fiscal 2020.
    • Selling, general and administrative expenses were approximately 7.9 million in FY 2021 compared to approximately $6 million for Fiscal 2020.
    • Research and Development expenses were approximately $929 thousand for FY 2021 compared to approximately $1 million for Fiscal 2020.
    • The company suffered a net loss of approximately $8.8 million or $0.21 per share in FY 2021 compared to approximately $7.3 million or $0.19 per share for Fiscal 2020.
    • The company had total assets valued at $23.51 million on March 31, 2021, compared to $17.76 million on March 31, 2020.

    Q3 2021 financial results

    On February 12, 2021, India Globalization Capital, Inc released its financial results for the quarter ended December 31, 2020, which is the third quarter of its 2021 fiscal year.

    The company earned a revenue of $108 thousand for Q3 2021 compared to $573 thousand for Q3 2020.

    Selling, general and administrative expenses were $2,186 thousand for the three months ended December 31, 2020, compared to $1,413 thousand in Q3 2020.

    The company suffered a net comprehensive loss of approximately $2,283 thousand or $0.06 per share in Q3 2021 compared to approximately $1,646 thousand or $0.04 per share for the September 2019 quarter.

    Conclusion

    The IGC stock skyrocketed after the company announced the completion of Cohort 3 of its Phase 1 clinical trial which is positive news and we can expect that IGC stock can further go up in the coming days.

  • Here is why Marin Software Incorporated (MRIN) stock surged in the after-hours on Wednesday?

    Marin Software Incorporated (MRIN) shares surged 59.65% in after-hours on Wednesday, June 23, 2021, and closed the day at $2.73 per share. Earlier, MRIN’s stock gained 1.79% to close Wednesday’s session at $1.71 per share. MRIN shares have risen 14.00% over the last 12 months, and they have moved up 4.27% in the past week. Over the past three months, the stock has lost 2.84%, while over the past six months, it has declined 18.18%.

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

    Integration with Instacart Ads

    On June 23, 2021, Marin Software added the ability to manage Instacart Ads to its flagship MarinOne platform. This integration makes it easier for brands to connect with customers directly at the point of sale.

    Instacart is the leading online grocery platform in North America. Marin is bringing its experience helping advertisers optimize over $40 billion in digital advertising spend to the rapidly growing platform.

    Recent financial results announcement

    On May 6, 2021, Marin Software Incorporated released its financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • Marin Software reported revenue of $6.3 million for Q1 2021 compared to $8.7 million in the first quarter of 2020.
    • GAAP operating loss was $4million for Q1 2021 compared to $4.4 million for the first quarter of 2020.
    • Non-GAAP operating loss was $2.5 million in Q1 2021 compared to a non-GAAP operating loss of $3.5 million in Q1 2020.
    • Total operating expenses were $5.51 million for Q1 2021, compared to $7.73 million for Q1 2020.
    • The company suffered a net loss of $2.12 million in Q1 2021 compared to a $7.73 million net loss in Q1 2020.
    • Net loss per common share, basic and diluted was $0.21 in Q1 2021 compared to $0.58 in Q1 2020.

    Q2 2021 financial outlook

    For the 2nd quarter of 2021, the company is expecting

    • Revenue to be between $5.5 million to $6.0 million.
    • Non-GAAP operating loss to be between $3.4 million to 2.9 million.

    Q4 & FY 2020 financial results

    On February 25, 2021, Marin Software Incorporated reported its financial results for the fourth quarter and full-year ended December 31, 2020.

    Q4 2020 financial highlights

    • The company reported net revenues of$7.3 million for Q4 2020 compared to $11.4 million in the fourth quarter of 2019.
    • In Q4 2020, GAAP operating loss was $3.1 million compared to GAAP operating loss of $6.2 million in Q4 2019.
    • Non-GAAP operating loss was $2.5 million in Q4 2020 compared to a non-GAAP operating loss of $2.1 million in the fourth quarter of 2019.
    • Total operating expenses were $6.64 million in Q4 2020 compared to $12.03 million in Q4 2019.

    Conclusion

    The integration of Instacart Ads was the reason behind its exceptional performance in the after-hours on Wednesday. We hope that MRIN will continue its surge in the remaining week as well.