STOCKS TELEGRAPH

Author: ST Staff

  • Ocean Power Technologies, Inc. (OPTT) Stock Surges as Latest Target of Raging Meme Stock Phenomenon

    Ocean Power Technologies, Inc. (OPTT) stock prices surged by 13.2967% shortly after market trading commenced on July 2nd, 2021, bringing the price per share up to USD$2.7871, before having peaked at USD$3.0577 earlier in the trading day.

    Inclusion in Russell Microcap Index

    June 23rd 2021 saw the company announce its inclusion in the Russell Microcap Index, effective as of the market opening on June 28th 2021. The company’s inclusion in the Index signals its growth potential, with the move benefitting existing shareholders as well as leading to greater exposure to potential institutional investors. Membership in the Russell Microcap Index entails automatic inclusion in relevant growth and value style indexes; and is determined annually by objective, market cap ranking, and style attributes.

    Revenue Reports

    Revenue for the third quarter of fiscal 2021 was reported at USD$0.3 million, down from the USD$0.7 million reported for the same time period of the prior year. Net loss for the 2021 quarter was up USD$0.3 million from the net loss reported for Q3 2020. The first nine months of fiscal 2021 reported USD$0.6 million in revenue, as compared to the USD$1.1 million reported for the same time period of the prior year. These movements are largely attributable to the company’s revenue-generating projects experiencing pandemic-related delays.

    Balance Sheet

    The company reported USD$80.4 million in total cash, cash equivalents, and restricted cash as of January 31st, 2021. Net cash allocated towards operating activities was down by USD$0.1 million during the first nine months of fiscal 2021, reporting in at USD$8.5 million. The decrease is largely the result of lower cash spending on customer projects, as well as product development costs. The company generated net proceeds in the amount of USD$76.1 million with its ATM agreement and equity line agreements with Aspire Capital.

    Meme Stock Phenomenon

    Despite inclusion in the Russell Microcap Index, the recent activity in OPTT’s stock prices seems unwarranted. Without recent news coverage or significant changes in fundamentals, the company seems to be the latest target of the meme stock phenomenon that has been sweeping through the stock exchange. Driven by retail investors using the social media platform Reddit, underperforming companies are targeted for a coordinated short squeeze.

    Future Outlook for OPTT

    Armed with the fortuitous gains in its equity value, OPTT is poised to capitalize on the opportunities afforded to it in order to ensure more organic growth for the long term. Investors are hopeful that the management will leverage the resources at their disposal to usher in increases in shareholder value.

  • Marin Software Inc. (MRIN) Stock Skyrockets Under Spotlight of Meme Stock Phenomenon

    Marin Software Inc. (MRIN) stock prices surged by 54.64% shortly after market trading commenced on July 2nd, 2021, bringing the price per share up to USD$23.32 early on in the trading day.

    Collaboration with Instacart

    June 23rd, 2021 saw the company announce the addition of the ability to manage Instacart Ads to its flagship MarinOne platform, facilitating the connection between brands and customers directly at the point of sale. MRIN will leverage its extensive track record to help advertisers optimize over USD$40 billion in digital advertising spend to the rapidly growing platform.

    About Instacart

    As the leading North American online grocery platform, Instacart is partnered with more than 600 national, regional, and local retailers, including unique brand names. The company has 55,000 stores across more than 5,500 cities across North America. Instacart offers self-service and managed ad services for more than 2,500 CPG brands, including all of the Top 25 CPG companies.

    MarinOne Platform

    The self-serve MarinOne platform helps generate additional demand by unifying lower-funnel marketplace advertising with paid search and paid social campaigns. The platform allows marketers to align their efforts to ensure the seamless functioning of their channels across the customer journey. With the pandemic having seen consumer habits shift, online grocery delivery skyrocketed to unprecedented levels.

    Scope of Partnership

    Instacart is an essential addition to the digital marketing strategy MRIN, as a leading online grocery platform in North America. MRIN is excited to give advertisers on Instacart the opportunity to maximize returns on investments with the company’s added resources. The company’s automation facilitates the accessibility of managing Instacart Ad campaigns by automatically constructing campaigns, providing alerts on performance changes, and proactively identifying opportunities for better results.  The optimization tools serve to identify the most suitable levels of spend, while the best possible performance is ensured by MRIN bidding. The company’s Insight molecule automatically identifies opportunities such as Product A/B Testing in customers’ accounts, with estimates of potential value and easy implementation being provided.

    Meme Stock Phenomenon

    Despite the integration with Instacart Ads, the recent movement in MRIN’s stock price does not seem warranted. With an absence of any other news coverage or changes in fundamentals, it seems that MRIN is the latest target of the meme stock phenomenon that has been sweeping the stock exchange as of late. Driven by retail investors who use the social medial platform Reddit to coordinate a short squeeze in underperforming companies with high short interests. Inherent with risk and volatility, this phenomenon provides a fortuitous bump to companies that find themselves in its spotlight. Investors are hopeful that MRIN will leverage the additional resources at its disposal to usher in more organic growth.

  • Is This Why The ARWR Stock Is Falling Premarket Session Today?

    Arrowhead Pharmaceuticals Inc. (ARWR) shares were down -17.73% at $69.90 at the last check in pre-market trading. Arrowhead stock closed the last session at $84.96, an increase of 2.58% or $2.14. ARWR stock traded between the price range of $82.20 and $86.01. ARWR traded 0.69 million shares, down from 0.79 million in its 50-day average daily volume.

    Within the last 12 months, ARWR shares have grown 92.39%, and within the last week, they have decreased -5.08%. A total of 9.72% has been gained by the ARWR stock over the last six months, and a total of 26.67% has been gained over the last three months. ARWR stock has fallen since the company announced a clinical trial would be halted.

    Which study has ARWR paused?

    Arrowhead Pharma is dedicated to developing medicines that silence genetic causes of intractable diseases. ARWR therapies induce rapid, deep, and durable gene knockdown by triggering the RNA interference mechanism with a broad range of RNA chemistry options and efficient delivery methods. Living cells use RNA interference, or RNAi, to suppress the expression of certain genes, thereby affecting certain proteins. These natural pathways of gene silencing are utilized by ARWR’s RNAi-based therapeutics.

    Arrowhead today notified regulatory agencies, institutional review boards, and investigators it would be voluntarily pausing AROENaC1001, a Phase 1/2 clinical study of ARO-ENaC, effective immediately.

    • It was an investigational RNA interference (RNAi) therapy being developed by ARWR for patients with cystic fibrosis (CF).
    • ARWR made the decision after receiving a preliminary update from an ongoing chronic toxicology study that included unexpected evidence of lung inflammation in rats.
    • Until additional results from both the chronic rat toxicology study and an additional chronic primate toxicology study are reported, ARWR instructed investigators not to conduct new screening, enrollment, or further dosing of investigational ARO-ENaC.

    Arrowhead this week said its Phase 2b clinical study of ARO-ANG3 has dosed its first patient, an announcement that follows the first patient dosed in AROANG3-2001. ARWR was developing RNA interference (RNAi) therapeutics as a treatment for mixed dyslipidemia patients.

    How did the ARWR CEO respond?

    The CEO and president of Arrowhead Pharmaceuticals (ARWR), Christopher Anzalone, Ph.D., stated that although this is difficult news for cystic fibrosis patients who need new therapies, ARWR has an obligation to ensure that those enrolled in our clinical trials remain safe at all times.

    Arrowhead Pharmaceuticals (ARWR) believes that it needs to better understand the results from the chronic toxicology study in rats before proceeding with the current Phase 1 study, even though the data may not directly relate to the safety of continuing to treat patients.

    ARWR’s pulmonary program may have to wait a bit because of this, but it comes with drug development. ARWR will analyze the long-term toxicology data it receives as soon as possible to determine how it might affect ARO-ENaC and the patients it intends to serve.

  • Overseas Shipholding Group, Inc. (OSG) Stock Skyrockets as Meme Stock Phenomenon Continues

    Overseas Shipholding Group, Inc. (OSG) stock prices were up by 0.48% as of the market closing on July 1st, 2021, bringing the price per share up to USD$2.10 at the end of the trading day. Subsequent pre-market fluctuations saw the stock surge by 33.81%, bringing it up to USD$2.81.

    Net Loss Reports

    Net loss for the first quarter of 2021 was reported at USD$15.9 million, representing a net loss of USD$0.18 per diluted share. This is a significant fall from the USD$25.1 million in net income reported in the same quarter of the prior year, representing net income of USD$0.28 per diluted share. A USD$19.2 million gain associated with the acquisition of the Alaska Tanker Company was a significant contributor to the year-over-year difference.

    Sale of Overseas Gulf Coast

    April 2021 saw the company enter into a contractual agreement that would see OSG sell Overseas Gulf Coast for USD$32.5 million. As per the negotiated sale terms, the transaction was recorded as a USD$5.4 million loss for the first quarter of 2021. The unencumbered asset was sold to general additional liquidity that the company plans to allocate to different areas of need.

    Disheartening Financials

    Shipping revenues for Q1 2021 were down 19.4% to USD$81.3 million from the USD$100.9 million reported in the first quarter of 2020. With the onset of the global pandemic having hit the company especially hard, its woes were compounded by Winter Storm Uri shutting down U.S refineries, thereby further reducing transportation demand. TCE revenues were down 32.5% million at USD$65.5 million for Q1 2021, as compared to Q1 2020. Q1 2021 Adjusted EBITDA was down 88.2% from USD$52.8 million in Q1 2020 to USD$6.2 million in Q1 2021.

    Meme Stock Phenomenon

    With no recent news coverage or significant change in fundamentals, OSG seems to find itself becoming the latest target of the meme stock phenomenon that has taken over the stock market as of late. Driven by retail investors who use the social media platform Reddit, underdog companies with high short interests find themselves being pumped in a coordinated short squeeze. In the absence of sound bases for investing in the company, this phenomenon carries a great level of inherent risk and volatility.

    Future Outlook for OSG

    Armed with the fortuitous expansion of their equity value, OSG finds itself at the cusp of new opportunities that it can capitalize on to usher in more organic growth. Investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • Why Has The PSWW Stock Price Gained 29% In Last Session?

    At the previous close, Principal Solar Inc [OTCPink: PSWW] stock was buckling as it surged 28.76% to $0.1249, the highest close in 30 days. PSWW stock saw 6.44 million shares traded versus an average volume of 7.02 million shares over the past 30 days.

    The PSWW stock value ranged between $0.0019 and $0.7000 during the 52-week period. PSWW stock price has risen on the news that it will convert its first two Class 6-sized vehicles to electric cars within the next few weeks.

    Why does PSWW make those conversions?

    Principal Solar invests in and acquires companies, organizations, and technologies that support the development of renewable, clean, and traditional energy sources. Moreover, PSWW acquires undervalued oil and gas producing properties and operates them.

    Renewable energy company Principal Solar announced last week that it has begun converting two Class 6 trucks into electric vehicles for demonstrations.

    • As PSWW releases eTruck, this marks a milestone in its market launch.
    • PSWW will demonstrate through these conversions how its solution is well suited for companies that are looking to transition to EVs now instead of 5 years from now.
    • Transport and logistics companies of all sizes can easily convert their existing fleets from diesel to nearly fully electric with PSWW’s heavy-duty vehicle EV conversion technology.
    • As a result of these conversions, PSWW eliminates the lengthy development processes normally associated with inventing entirely new platforms.
    • By minimizing the time between design and delivery, PSWW is able to eliminate the traditional multi-year R&D process.

    Principal Solar announced recently that it will be applying for the Department of Energy’s SuperTruck 3 program and partnering with eTruck Transportation (“eTruck”) through a subsidiary. On April 15, 2021, the program announced its commitment to electrifying freight trucking and increasing infrastructure, along with efforts to lower emissions, allocating $162 million for the same.

    How will PSWW take advantage of this opportunity?

    The statement was seen by Principal Solar (PSWW) as a further endorsement of its decision to create NexTeal, its EV-focused operating company, and to form a partnership with eTruck Transportation for their heavy-truck electrification business. PSWW’s NexTeal and its new subsidiary partnership are well suited to exploit SuperTruck 3 funding opportunity. The program was something that PSWW intends to apply for.

    Department of Energy’s announcement details a program that will fund solutions to mitigate the largest contributors to the transportation sector’s greenhouse gas emissions. Nearly a quarter of all the emissions in the sector are caused by medium- and heavy-duty trucks.

  • Why Is The AESE Stock Surging 17% In Premarket Today?

    Allied Esports Entertainment Inc. (AESE) gained 16.96% on Friday at $2.62, as of the last check in the premarket session. In the last trading session, shares of Allied Esports lost -2.61% to close at $2.24. The price of AESE stock ranged between $2.24 and $2.3308 on the day.

    AESE stock traded 3.18 million shares compared with its daily average of 3.63 million shares over the past 100 days. Over the last five days, AESE shares have fallen by -3.03%, while they have lost -7.44% in the last month.  AESE stock has been surging since AE studios were launched.

    Why did AESE launch the studios?

    Allied Esports, among Fast Company’s 10 Most Innovative Companies, provides globally renowned properties, live events, and production services that elevate creators, competitions, and content. HyperX Esports Arena Las Vegas, AESE’s flagship venue and the world’s largest esports venue, as well as the first mobile 18-wheel arenas, are owned and operated by the company. North America, Europe, China and Australia are represented in the AESE Property Network, which is the first esports venue affiliate program in the world. It includes Fortress Melbourne, which has an international reputation.

    Allied Esports launched AE Studios this week as its original content development, storytelling, and production services division.

    • AESE recently launched AE Studios to assist partners who are interested in a turnkey solution outside of online tournament productions.
    • AESE has launched AE Studios to meet the needs of the entertainment industry beyond esports tournaments and broadcasts.
    • AESE will use AE Studios to design and produce digital-first projects for clients and partners across a variety of industries, including gaming, entertainment, pop culture, music, and sports.
    • Doing so, AESE leveraged its years of digital content creation, experienced global production team, and world-class facilities, including HyperX Esports Arena Las Vegas and its production studio in Hamburg, Germany.
    • The live production of CelebriTee Showdown on Twitch Sports is AE Studios’ first official project.
    • On the desktop and mobile versions of the game, streamers will compete from home while celebrity players compete on the virtual versions of golf courses from around the world.

    This is where AESE’s potential lies:

    With years as a professional esports organization, Allied Esports (AESE) is primed to deliver creative solutions outside of the realm of pure gaming competition, using professional, experienced, digitally-first production to deliver a compelling story. AESE’s AE Studios is poised to be a leading entertainment producer with its unique foundation, at a time when content is being used to reach ever-increasing audiences around the world.

  • Provention Bio, Inc. (PRVB) Stock Undergoes Minor Volatility Ahead of PDUFA Meeting

    Provention Bio, Inc. (PRVB) stock prices were down by a marginal 1.19% as of the market closing on July 1st, 2021, bringing the price per share down to USD$8.33 at the end of the trading day. Subsequent pre-market fluctuations saw the stock rally by 3%, bringing it up to USD$8.58.

    EMDAC Approval

    May 27th, 2021 saw the company announce that the Endocrinologic and Metabolic Drugs Advisory Committee (EMDAC) of the U.S Food and Drug Administration voted in favor of teplizumab. With 10 affirmations and 7 negations, the question asked was whether the data presented showed the treatment to have benefits that outweighed the risks in support of approval to delay clinical type 1 diabetes mellitus.

    TN-10 Study

    Safety and efficacy data from the pivotal TN-10 Study guided the EMDAC decision, which showed a single 14-day course of the treatment to have deferred insulin-dependent, clinical-stage disease. Stage 2 type 1 diabetes was delayed by a median of at least 2 years in presymptomatic patients as compared to the placebo. With early stage TID patients constituting a significant unmet need, the Committee Members evaluated the pros and cons of the clinical data.

    FDA Designations

    Teplizumab was granted Breakthrough Therapy designation by the FDA and a priority review designation for the Biologics License Application. The Prescription Drug User Fee Act (PDUFA) has been scheduled for July 2nd, 2021. Having been previously disclosed, the treatment’s Pharmacokinetic comparability was not a topic of discussion for the Advisory Committee meeting. PRVB maintains that the FDA’s insistence on PK comparability considerations is likely to delay potential BLA approval timelines.

    Scope of Teplizumab

    With over 1.6 million Americans being affected by TID, the autoimmune disease that results from beta cell destruction has a significant scope. TID is typically diagnosed in childhood or young adulthood, but TID onset can occur at any age after symptoms appear in the absence of sufficient insulin production. TID typically reduces life expectancy by more than a decade, with the average reduction being 16 years in people diagnosed before the age of 10.

    Future Outlook for PRVB

    With the PDUFA taking place later today, the company is hopeful for a positive outcome and additional opportunities to continue its trajectory of success. Investors are hopeful that PRVB will be able to see its trial candidates through to commercialization and proliferation of the large unaddressed TID market.

  • What Do You Think Is Driving TAOP Stock Higher?

    At last check, the provider of blockchain technology and smart cloud services, Taoping Inc. (TAOP) shares were trading at $4.72, up 1.94% in pre-market trading. Taoping stock lost -4.73% to close Thursday session in the red at $4.63. TAOP stock moved 0.16 million shares, which was less than the average volume of 0.34 million shares over the past 50 days. Last week, shares of TAOP decreased by -1.49%. TAOP shares have increased by 62.46% over the past 12 months.

    The TAOP stock has lost -49.18% in the past three months, but over the past six months, it has gained 58.02%. TAOP currently has a market capitalization of $59.36 million and an outstanding share count of 7.67 million. A promotion in the management team and a business update helped boost the price of TAOP stock.

    TAOP has shared what?

    Taoping Group is a conglomerate of technology and financial companies with offices in Hong Kong, Mainland China, and other foreign countries. TAOP provides research and development solutions and cloud services to a variety of industry sectors, including educational, new media, artificial intelligence, and asset management. TAOP is unique owing to its strengths in cloud technology and chip supply chain. TAOP conducts research on and applies blockchain technology worldwide along with investing and managing financial assets.

    Taoping provided an update on its business today, in addition to announcing Huan Li’s promotion to the position of Chief Marketing Officer who is currently serving as Digital Culture Business director.

    • Li will be responsible for all marketing activities for TAOP, including product marketing, brand strategy, direct marketing, data analytics, data integration, and marketing operations.
    • In addition to being a market expert and a strong market developer, Mr. Li has demonstrated strong leadership skills since joining TAOP in March.
    • TAOP’s expansion strategy will be executed effectively under the leadership of Mr. Li.
    • Business Updates:
    • TAOP completed its acquisition of Taoping New Media on June 9, 2021.
    • As of June 2021, TAOP anticipates booking advertising revenues.
    • TAOP attended the Asia OOH 18th China Outdoor Communication Conference in Chengdu, China on June 24-26, 2021.
    • In addition to the “Top Media in Shopping District” award, TAOP also received a mention for its innovative use of digital transformation and multi-scene advertising during the conference.
    • TAOPO is working diligently with relevant Canadian authorities to complete the review of the previously announced acquisition of Render Lake as soon as possible, and have cooperated fully with the authorities to date.

    TAOP’s Digital Plans:

    TAOP’s NFT business is proceeding as planned, and the Company does not expect its NFT business to be negatively impacted by China’s recent ban on digital asset mining. Taoping (TAOP) is effectively operating its G Cloud data centers in Hong Kong and Dongguan. To expand its footprint in overseas locations, TAOP is actively seeking locations across the world.

  • What Made The ILUS Stock Stabilized During Last Trading?

    At the previous close, Ilustrato Pictures Internationl Inc (OTCPINK: ILUS) stock had risen 0.29% to $0.0687. Over the last week, the performance of ILUS stock was 8.87% as opposed to 20.20% over the last month. Price of ILUS stock stabilized after an announcement of a new acquisition that would build on the company’s business plans.

    In what ways has ILUS achieved its goals?

    ILUS International is an M&A investment company based in New York, London, and Dubai with the mission of adding shareholder value through innovation and growth. Since its founding, ILUS International has evolved along with its involvement in the technology and manufacturing sectors. As an innovator and leader in emergency services, life safety and related technology, ILUS advocates the creation and delivery of innovative emergency response vehicles, electric utility vehicles, specialist vehicle conversions, innovative firefighting devices, and wearable technology.

    Today, ILUS International announced that it is accelerating with its expansion after accomplishing a number of key M&A goals in the second quarter aimed at acquiring and developing technology-based companies.

    • ILUS has made two acquisitions in the first quarter and one in the second (BCD Fire) with an eye toward making several more, including one in the United States, in the third quarter.
    • Since moving into a new factory in Dubai, ILUS has begun production in the United Arab Emirates and has obtained ISO9001 and 14001 certifications.
    • Additionally, ILUS plans to set up a new facility in the U.S. in the third quarter for the production of Plastic Fire Truck Superstructures bodies.
    • A number of key staff members have been recruited by ILUS in order to support its rapid growth, and it continues to identify and hire more exceptional team.
    • ILUS recently hired a General Manager from the UK and Europe, and it is currently hiring a specialist EV Engineer for the US market and global distribution of the E-Raptor.
    • Additionally, ILUS is on the lookout for a Technical Director to direct its U.S. factory and is looking to appoint a Director of Fixed Systems to accelerate certification of its fixed firefighting systems.

    What does ILUS plan to do?

    ILUS’ accounting team is working full-time to have its financials consolidated by the quarterly deadline, with the second quarter just ended. Ilustrato Pictures Internationl (ILUS) generated almost $3 million of revenue in the second quarter despite the lockdown in two of its major markets. ILUS is on track to achieve its forecast of $15 million to $20 million annual Revenue Run Rate by the end of 2021. In 2022, ILUS is eyeing a revenue run rate of $50 million.

  • What Motivated Bombardier (BDRAF) Stock To Climb 19%?

    Bombardier Inc (OTCQX: BDRAF) stock closed up 18.64% to $1.4000 in the past session. During the session, 394.66K shares of Bombardier stock were traded for a range of $1.2400 to $1.5500. BDRAF stock rose after the company announced the biggest business jet order of the year.

    What was the value of that order?

    Bombardier is dedicated to creating cutting-edge, inventive aircraft that change the face of aviation. With the help of its products and services, BDRAF sets the bar for passenger comfort, energy efficiency, reliability, and safety. The BDRAF headquarters are located in Montréal, Canada, but its subsidiaries are present in over 12 countries, as well as its customer support network. BDRAF has a fleet of more than 4,900 aircraft owned or operated by multinational companies, charter companies, fractional ownership providers, governments and private individuals worldwide.

    Bombardier announced yesterday that a previous customer has placed a firm order for 10 aircraft.

    • BDRAF did not disclose the order mix at this time due to competitive reasons.
    • It is estimated that the agreement will have a total value of $451.8 million, based on the current list prices of BDRAF.
    • But BDRAF was particularly proud of having won this year’s largest business jet order.
    • BDRAF’s aircraft portfolio caters to the growing demand for private aviation, offering spacious, high-performance aircraft with a smooth ride and highest level of comfort.
    • In addition to meeting the evolving business needs of operators and customers, BDRAF’s line of business jets features industry-leading technology.
    • Private aviation is increasingly preferred for its convenience and ease of use, and BDRAF’s business jet family offers a compelling array of options.

    Bombardier also announced this week that two of the industry-leading Global 7500 business jets have been delivered to two Canadian customers. These are the first Global 7500s to be delivered to Canadian customers.

    Assembling and delivering the Global 7500 business jet in Toronto and Montreal will give more Canadians a chance to experience the intense pride that BDRAF takes in its impressive aircraft. BDRAF’s new aircraft will provide Canadian customers with a luxurious in-flight experience and a smooth ride like no other, opening up a whole new world of long-range travel possibilities globally.

    Charter services for BDRAF aircraft will be provided by whom?

    Chartright Air Group, a leading Canadian aircraft charter provider, will manage and offer charters for both Bombardier (BDRAF) aircraft, based at Toronto Pearson International Airport. BDRAF’s Global 7500 aircraft continue to exceed market expectations as its production ramps up and its fleet exceeds 50 aircraft worldwide. This highlights the business jet’s reputation for being a completely new class of aircraft.