On March 01, CooTek (Cayman) Inc. (CTK) stock jumped up by a further 56.10% in the after-hours while it remained bullish in regular trading as well. There is no official announcement or recent SEC filing to be attributed to the bullish momentum of the stock.
During the regular trading session, the stock remained bullish with a good gain of 36.24% CTK stock closed the session at a value of $0.3203 per share while 21.5 million shares exchanged hands. The day saw a super heavy volume of 1,200% of its average 1.79 million shares. Following the gain in the regular session, the stock rose further high in the after-hours to reach $0.5000 per share. The after-hours session also saw a very heavy volume as 11.96 million shares traded hands.
The mobile internet company, CooTek (Cayman) Inc. has a market capitalization of $15.8 million. Currently, the company has 62.28 million shares outstanding in the market.
CTK stock Movement
After trading in the red for a few days, near its recent, 52-week low, CTK stock became bullish on Tuesday. With no official reason for the movement, external factors like social media chatter and stock sentiment seem to be the driving force here. CTK stock has been marked as one of the top hot penny stocks this week by various stock analyst websites. It seems the investors are taking advantage of the stock’s low price as it had been trading fairly low and near its 52-week low price of $0.2000. The stock sentiment is another factor that could be at play here.
Recent Developments
On January 28, the company announced that its Love Fantasy mobile game has topped the list of Most Downloaded iOS Chinese Overseas Games in December 2021. The game saw 2.5 million downloads with a huge increase of 216.5% month-on-month. Moreover, the game ranked second on the list on Google Play with an increase of 238.1% in downloads.
With a rating of 4.9/5 on the App Store and 4.8/5 on Google Play, Love Fantasy targets female mobile gamers. It has an interactive romance storyline that is based on the explosive match-3 gameplay.
CTK’s Q3 2021 Highlights
In the third quarter of 2021, CTK reported net revenues of $51.1 million with a decline of 52% YOY.
Moreover, the adjusted net income was $0.4 million in Q3 2021, against $20.5 million in the year-ago period.
Additionally, the company’s gross profit also decreased to reach $42.0 million in Q3 2021, against $98.9 million in Q3 2020.
