On March 18, BEST Inc. (BEST) stock surged up by a mammoth gain of 73.55% during regular trading. Ultimately, the hike concluded in a downfall in the after-hours as the stock succumbed to corrections.
In the regular trading session, the stock fluctuated between a high of $1.00 and a low of $0.55 at 11.09 million shares. The volume of the shares traded remained above the average at 630%. BEST closed the session at a value of $1.00 per share while there was no news behind the huge gain. Following the gain, the stock fell under corrections in the after-hours to reach $0.84. Hence, the stock subtracted 16.00% or $0.16 in the after-hours session on Friday.
The supply chain services holding company, BEST Inc. is based in China and has a market capitalization of $386.12 million. Currently, the company has 247.78 million shares outstanding in the market. Standing at a year-to-date gain of 17.44%, 2022 has so far proved very fruitful for the stock. Last year, the stock subtracted a value of 55.95%.
BEST’s 2021 Financials
On March 8, the company declared its financial results for Q4 and fiscal 2021 along with revenue guidance for fiscal 2022.
Q4 2021
In Q4 2021, the company’s revenue declined by 20.3% YOY to RMB2,724.9 million (US$427.6 million).
Moreover, BEST reported a net income of RMB1,945.3 million (US$305.3 million) in the quarter, while BEST incurred a net loss in the year-ago quarter. Consequently, the company had a non-GAAP diluted EPS of RMB(1.75) from continuing operations in the quarter.
Fiscal 2021
For fiscal 2021, the company reported revenue of RMB11,425.8 million with YOY growth of 8.5%.
Furthermore, BEST had a net income of RMB209.6 million in fiscal 2021, against a net loss of RMB2,051.2 million in fiscal 2020. Thus, the non-GAAP diluted EPS was RMB(3.01) from continuing operations in the year.
Fiscal 2022
BEST provided revenue guidance of RMB10-12 billion from its core business in fiscal 2022. The company’s core business includes Freight, Supply Chain Management, and Global segments.
Changes to BEST’s Board
On February 22, the company announced certain changes to its board of directors.
Director Jun Chen resigned from BEST’s board, effective February 17, 2022. Mr. Chen served as Alibaba Director with the company and was nominated by Alibaba Group Holding Limited and Cainiao Smart Logistics Network Limited.
Hence, Alibaba Group and Cainiao Network appointed Ms. Xiao Hu to replace Mr. Chen as an Alibaba Director with the company.
