Great Elm Group Inc. (GEG) stock lost 23.47% in the after-hours at $1.50 on Thursday, December 16. No recent news or developments seem to be the reason for this downfall in the stock’s price.
In the regular trading session, the stock fluctuated between a high of $2.01 and a low of $1.95. GEG close the regular session at $1.96, gaining a small percentage of 0.51 at 93.33K shares. Soon in the aftermarket, the stock reversed and started losing at a volume of 312.94K shares.
GEG stock and its Movement
Great Elm Group Inc. which works in the durable medical equipment and investment management businesses was founded in 1994. Currently, GEG has a market capitalization of $52.4 million. Moreover, the company has 26.87 million shares outstanding in the market.
A look at the stock’s movement shows that it has subtracted 2.97% in the past five days, with no loss last month. Furthermore, in the past three months, GEG stock has declined by 10.91% while losing 31.94% year to date. In addition, the one-year loss for the stock stands at 17.99%.
Company News and Developments
On November 17, the company held its Annual Stockholders’ Meeting. Further, the stockholders of record as of September 30, 2021, were invited to attend the meeting.
Previously, the company announced the sale of its interest in the real estate business, on June 24. Accordingly, GEG sold its whole ownership interest in two Class A office buildings in Fort Myers, Florida. Further, it was sold to an affiliate of Monomoy Properties, LLC. For $4.6 million. Moreover, Monomoy is a privately-held industrial property REIT of Imperial Capital Asset Management, LLC.
According to the terms of the agreement, the proceeds were invested into the newly issued membership interests of Monomoy by GEG. Hence, GEG acquired the Real Estate Business for $2.7 million, in March 2018.
GEG’s Earnings Report
On November 12, the company announced its Fiscal 2022 first-quarter financial results. The first quarter of fiscal 2022 ended on September 30, 2021. According to the report, the consolidated revenue was $16.5 million in the first quarter of fiscal 2022. Comparatively, the same was $15.4 million in the year-ago quarter.
Moreover, the consolidated net income was $0.1 million in the first quarter of fiscal 2022, from continuing operations. This compares to a net loss of $3.8 million from continuing operations in the year-ago quarter.
