The Chinese internet-based tech firm has been on traders’ radar recently, making significant movements.
Mmtec, Inc. (MTC) shares have been on a bumpy ride as the traders seem to enjoy making profits out of the stock. MTC stock has been trading on the higher side in the past few months. Mmtec made some notable movements in the past month soaring as high as $2.60.
With no news in the market, Mmtec continues to be a favorite bet for traders—as the average volume is just below 3.5 million. It has been more than half a year when the company updated with its first six months outcomes of 2020.
Mmtec, Inc. (MTC) is a Chinese-based firm that provides online trading services. The company offers digital-tech services and solutions in securities market transactions. The consumers of the company are from financial backgrounds including investment advisors, brokerage firms, and proprietary trading groups—all over the world.
Mmtec shares surged from under the $1 per share in early November last year and have traded in the $1 and $2.5 range—in the meantime. While over the past 12-months period the stock has traded between $0.6400 – $7.700.
In December, Mmtec shares surged over 50%, whereas since September the stock has rallied up to 200%. The major reason why investors are driven towards the financial services platform is Mmtec’splacement in the online tech services and solutions market.
The renowned Chinese financial firms that use its solutions include ETN Counter Business System, Personal Mobile Transaction Client System, PTN Private Mutual Fund Investment Management System, and others.
The company went public on the US stock in Jan. 2019. So, it’s fairly new—to the surprise, it’s one of the highly traded stocks in the market, today. This shows that investors are pretty optimistic as we head forward.
All this bullish sentiment is based on the first half reports that the company published back in 2020. With high expectations, the company reported promising outcomes that attracted investors—playing an integral part in the shares price jump, in September. Mmtec reported revenue of $329,070, approximately up by 85%. While the cost of revenue dropped by more than 80%.
The company was successful in lowering its operational losses by 30% to $1.04 million in the first half of 2020. That was a big boost amid the pandemic crisis.
Mmtec, Inc. (MTC) believes that Chinese investors would be keener to adapt its services for investing in US-based assets. At the mid-year 2020, the company was assuming good US-China relations, predicating Joe Biden to grab the Presidential position. Since then, the assumptions have come true and the US-China trade war seems to ease off. In recent days, there has been much happening in the US market—the GameStop show. So, we need to hear from the company as it updates on the full-year results.