Moving iMage Technologies Inc. (MITQ) gained 9.04% in the aftermarket, at $2.05 against its last close at $1.88 on December 01. The stock fell down in the previous trading session to lose 7.39% at a volume of 477.99 thousand shares. During the day, the stock moved between a high of $2.08 and a low of $1.86. While in the 52-week range it oscillated between $1.86 and $27.31. The 65-day average volume of the stock is 1.25 million shares. In the past five days, the stock has gone down by over 15% and 32.62% in the last month. Further, the MITQ stock has lost a value of 43.20% in the past three months. The stock’s 10.64 million outstanding shares currently trade at market capital of $21.59 million. After having traded in red for a number of days, the stock seems to be recovering as it went up in the after hours.
Moving iMage Technologies Inc. (MITQ) provides custom engineering, systems design, integration, installation, digital technology solutions, and products for cinemas.
MITQ Stock Movements
After announcing strong first-quarter fiscal 2022, financial results on November 11, the MITQ stock became bullish. It reached its then 60-days high of $3.50 on November 12, following the announcement. Since then, the stock has been traded in the red with a few blinks of green here are there. The stock has lost over 15% in just the past five days. The stock sentiment had not been in favor, keeping the stock bearish for the most part. But Wednesday’s after-market session showed different results, as the stock gained over 9%.
The stock sentiments seem to be shifting and the stock recovering, but for how long is still a question. Given the stock’s downfall since its 52 week high of $27.31 on July 08, 2021.
First Quarter Fiscal 2022 Results
On November 11, Moving iMage Technologies Inc. (MITQ) announced financial results for its first quarter of the fiscal year 2022. As per the Q1 Fiscal 2022, the company had revenue of $3.5 million, compared to $1.8 million in the year-ago period. This shows an increase of 98% year-over-year.
Moreover, the adjusted net loss was $0.6 million for the first quarter of fiscal 2022, against $0.4 million in Q1 fiscal 2021. Consequently, the adjusted net loss per share was $0.06 in Q1 FY2022 against $0.07 per share for Q1 fiscal 2021.
At the end of the first quarter of fiscal 2022, MITQ had cash and cash equivalents of $11.0 million.
