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

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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.

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