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Tag: IT Tech Packaging

  • IT Tech Packaging, Inc. (ITP) Stock on Decline in Aftermarket Despite no Obvious Stimulant

    IT Tech Packaging, Inc. (ITP), a company that produces and distributes paper products in China, has declined 5.17% in aftermarket trading session. As a result, ITP stock is trading at $0.32 at the time of the writing. There was no obvious reason for the decline except for the fact that the harsh policies by Chinese regulators are proving pernicious for Chinese stocks. On Thursday, ITP closed the day at $0.34 after increasing 1.19% during regular trading hours. Let’s discuss some recent developments related to ITP stock.

    ITP Q3 2021 Financial Results

    On 10th November, ITP released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had a cash and bank balance of $26.57 million on 30th September 2021. The revenue generated by the company during the period was $45.08 million against $33.35 million for the same period of 2020. The Selling, General, and Administrative expenses for the period were $2.01 million against $2.39 million for the same period of 2020. The net income generated by the company during the quarter was $1.54 million against $0.52 million for the same period of 2020. The net income per share for the three months was $0.03 against the net loss of $0.02 per basic and diluted share for the same three-month period of 2020.

    Business Highlights

    Alongside the financial results, ITP also reported the recent business highlights. The company announced the approval for surgical mask products from US FDA on 26th May 2021. The company also showed results for the required period to the public. On 6th July, the company announced that its tissue paper research and development centre had received a Level B scale-above Certification as an industrial R&D enterprise institution in Hebei province after the on-site inspection by regulators.

    Executive Commentary

    Mr. Zhenyong Liu, Chairman and Chief Executive Officer of ITP, while commenting on the results said that the company is continually making improvements in its sales sector. He said that the total revenue generated during the first nine months of the fiscal year has increased by approximately 70%. He hoped that the company would be much better in the upcoming quarters.

    Future Outlook for ITP

    The last 12 months have seen ITP stock decline by about 50%. The reason was the uncertainty associated with the stock for its tussle with FDA. However, as the company has been granted FDA approval recently, ITP stock is on track to rise extraordinarily in the coming weeks.

  • High Potential Stocks amidst Mixed Market Sentiment

    High Potential Stocks amidst Mixed Market Sentiment

    It’s a mixed day in the .U.S markets in early morning trading. The NASDAQ is up but the Dow and the S&P 500 are all in the red. This comes following a mix of good and bad news.

    The good news influencing the market today is data showing that jobless claims have dropped below 800k. The U.S Department of Labor data on unemployment insurance claims shows that initial jobless claims for the week that ended on October 24th  stood at 774k, slightly lower than the 787k that was reported a week earlier.

    On top of that, continuing jobless claims for the week that ended on October 17th stood at 7.775 million, compared to a week earlier when those numbers stood at 8.373 million. The latest data marks the 9th week in a row that jobless claims have held below 1 million. For the markets, this is a positive sign that the economy is resilient despite the pandemic and uncertainty of when a stimulus package will be passed.

    \The bad news is that cases of the pandemic continue to rise not just in the U.S but globally. Several countries have gone back to the strict lockdowns that had been put in place when the pandemic started. This has put a dent to hopes of a speedy economic recovery until a definitive vaccine is found.

    According to the Chief Economist for JLL, the rapid increase in cases means that there is a high probability of the government locking down a large part of the economy again. Even in this mixed environment, there are stocks that are set to start the day on a high note. Some of them are as below:

    Pinterest Inc [NYSE: PINS]

    Pinterest is in the green pre-market and is up by over 30%. This comes after the company released strong Q3 results. The company reported that in Q3, revenues rose by 58% to hit $443 million. The company also reported global monthly users rose by 37% to a high of 442 million. These results are likely to see the stock keep gaining through the day.

    Inphi Corporation [NASDAQ: IPHI]

    Inphi Corporation is up by over 20% in pre-market trading. This follows news that Marvell was buying the company in a $10 billion deal that would strengthen Marvel’s data center and 5G business.  News of this deal could see the company keep gaining all through the day, and outperform the market.

    IT Tech Packaging Inc [NYSE: ITP]

    IT Tech Packaging Inc is up by over 30% pre-market. This upside push comes two days after the company announced that it was carrying out a detailed emergency response drill in Hebei Baoding Dongfang for radiation accidents. The goal of the drill is to help the company employees practice how to respond in emergency cases.