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Tag: MICT

  • MICT stock has surged in the premarket trading session; let’s find out why

    MICT stock has surged in the premarket trading session; let’s find out why

    In the premarket trading session, MICT stock has surged by 16.97% to $1.93, at the time of writing. MICT stock closed the previous session at $1.65. Stock volume traded today was 1.35 million shares. The average trade volume for the past 3 months is 7.89M. In the past year, MICT has stock surged by 50.96%.In the past 5 days, the shares jumped by 3.12%. In the last three months, the stock has lost -27.95%. MICTis currently valued at $185.00 million and has 65.35 million outstanding shares.

    MICT’s basis of operations

    MICT Inc. runs its course of operations through its two subsidiaries Micronet Ltd. and Global Fintech Holdings Intermediate Ltd. The subsidiaries provide two basis of operations; proprietary trading technology platform and computing solutions.

    Global Fintech Holdings Intermediate Ltd. focuses on clients for high-growth sectors in the global Fintech industry. The trading technology platform includes services and solutions like online brokerage for equities trading, investments through digital platforms, wealth management services, and insurance products based sales services, and certain commodities based trading. The company targets high-growth foreign markets which includes the Asian market where GFHI has collaborated with commercial partners, online portals and has a database of a network of users that is proprietary.

    Micronet focuses on designing, developing, and selling mobile computing solutions. Micronet targets clients in the telematics and commercial Mobile Resource Management market. The main regions where it deploys its resources and operations are in the United States and Europe.

    Robert Benton; newest member addition in BOD

    On 16th April 2021, MICT announced the addition of a new member by the name of Robert Benton to the MICT’s Board of Directors. The company’s current board member John Scott has been assigned a new role of non-executive deputy chairman of the company’s Board of Directors.

    Robert Benton is a seasoned financial executive with experience from various previous roles such as being the Chairman of the Board in a Financial Times Stock Exchange 250 company named Clarksons. Robert Benton has assumed the position of Jeff Bialos who left the position of Board of Directors effectively on 12th April 2021.

    John Scott has been working for MICT for the past 18 months and has spent the last 50 years gaining experience from numerous brokerage firms. Previously, John Scott worked in the roles of senior management designations for investment banks which include the leading Canaccord Adams, HSBC James Capel, and ABN AMRO.

    How MICT is preparing to solidify its fundamentals

    The company has majorly shifted its strategy from a telematics business model towards fintech in China and Southeast Asia market. The company did suffer an overall loss in the previous year but part of which occurred for acquisitions and strategy shift that have become investments that rewards of which are/will be reaped in the current year 2021 and future years to come.

    Furthermore, MICT is excited about the potential of 3 of its new portfolios; proprietary stock trading platform, commodities, and futures trading platform as well as the new three fintech verticals. Each portfolio individually has strong growth prospects.

    Shareholders and investors in MICT will possibly see benefits of long-term investments in the MICT stock as the company has shifted from transitional phase to growth phase in its operations; promises of foreseeable revenue growth.

  • Stocks to Watch amidst Mixed Market Sentiment after Fed Policy Framework

    Stocks to Watch amidst Mixed Market Sentiment after Fed Policy Framework

    It’s a mixed day in markets today, after yesterday’s news from the Federal Reserve. The FED Chairman Jeremy Powell offered a roadmap for the raising of interest rates in 2020. This led to an instant drop in the value of most stocks.

    That’s because investors are still apprehensive of the risks that this poses to the economy. The economy is just reopening after a pandemic shutdown that has devastated most sectors of the economy. However, the Fed has downplayed the impact of the interest rates increase and offered a rationale for it. Powell stated that the increase in interest rates was meant to cushion the economy in the future.

    He stated that consistently maintaining low inflation would diminish expectations of inflation. This, in turn, would lower the Fed’s ability to stabilize the economy by cutting interest rate. It is on this basis that the Federal Open Market Committee was unanimous in its approval of an allowance for inflation to rise to slightly over 2% for a while.

    While this has dampened the market to some extent, the markets are still supported by hopes of a COVID-19 vaccine. Several companies are already in advanced stages in the push for a workable vaccine. Success on this front would counteract the negative effects of an increase in interest rates since it would restart the economy across all sectors. In this environment of mixed sentiment, there are stocks that are rallying this morning. Some of the stocks that are in gains ahead of markets are as below:

    Just Energy Group Inc [NYSE: JE]

    Just Energy Group Inc is a top performer this morning and is up by over 80%. This follows the company’s announcement that it had approved a recapitalization plan. The company is part of the company’s plan to de-risk and achieve more sustainable growth.  Through the recapitalization, the company announced that the move would improve the company’s finances by injecting more than $100 million and cut on net debts and the costs of preferred shares by $520 million. The improved outlook could play a role in the stock’s performance throughout the day.

    Nortech Systems Incorporated [NASDAQ: NSYS]

    Nortech Systems Incorporated is up by over 50% this morning. This comes after the company announced that it had completed a sale and leaseback deal.  The deal is for the company’s manufacturing facilities that are located in Bemidji and Mankato for $6.3 million. The company’s CEO Jay D. Miller stated that he was happy with the deal’s success. He added that the deal had generated cash that had improved the company’s balance sheet and put it in a position to make strategic investments.

    MICT Inc [NASDAQ: MICT]

    MICT Inc is another top performer this morning and is up by 20%. This is momentum-based and follows the company’s announcement early last week that it had received its first order for its video telematics product.

     

  • Stocks to Watch as Big Retailers Raise Market Optimism

    Stocks to Watch as Big Retailers Raise Market Optimism

    It’s a good start to the markets this morning.  All the major indices are in the green after major retailers posted strong revenue numbers. Earlier in the day, Walmart reported its Q2 earnings and they were much better than the consensus estimates.

    The company reported that comparable same-store sales were up by 9.3% in the quarter. It also reported that e-commerce sales were almost double in Q2. The company attributed this to increased online shopping as consumers tried to avoid the risk of contracting COVID-19.  Another retailer that has recorded strong results pre-market is Home Depot. The company has reported that Q2 sales grew by 23.4%, compared to a similar quarter in the last financial year.

    Other stocks that have driven optimism are Amazon and Tesla after a positive outlook for both. Analysis by  Needham market analysts show that Amazon could be worth as high as $5000 a share, and this has helped renew optimism in the stock, and the equity markets in general. In this environment of increased optimism, several stocks rallied pre-market and look set to continue these gains in the day. Some of the stocks likely to outperform this morning are:

    MICT Inc [NASDAQ: MICT]

    MICT Inc was a top performer pre-market and at one point was up by 93%. The stock’s strong performance is a reflection of improved market sentiment after the company announced that it had received its first big order for SmartCam. The order came after the company announced that it had a successful trial of the camera with a top Global Telematics Company. The company’s software brings together the latest technology in software and artificial intelligence and is targeting the $45 billion telematics market. Commenting on the deal, CEO Darren Mercer stated that, they expect to sell a sizeable portion of this product by the end of 2020. Given the prospects that the tech offered for the company in revenue growth, It could make significant gains in the day.

    Forward Industries Inc [NASDAQ: FORD]

    Forward Industries Inc was rallying all through the day and looks set to continue this momentum in the day. This is after the company announced that it had bought out Kablooe Design. The company announced that the deal would be a mix of debt and cash. Given that Kablooe is the 3rd biggest maker of medical devices in the U.S., investors are looking forward to an increase in the intrinsic value of Forward Industries, and the same reflects in its stock price.

    NovaBay Pharmaceuticals Inc [NYSE: NBY]

    NovaBay was another top performer pre-market and from its price action, this momentum is set to continue in the day. This comes after the company announced that it was expanding its online distribution for Avenova. The company stated that Avenova, a facial spray confirmed to kill the SARS-Cov-2 virus would now be available online.