NextPlay Technologies, Inc. (NXTP) stock declined in the Pre-market; here is why?

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NextPlay Technologies, Inc. (NXTP) stock declined in the pre-market following its 3rd quarter results announcement. The stock of NXTP was valued at $0.73, losing more than 6.20% from the previously closed value. At the end of the last trading session, NXTP closed at $0.78. The stock volume traded in the previous trading session was approximately 1.84 million shares.

Fiscal 2022 third-quarter highlights

  • The revenue of NextPlay Technologies was $4.2 million in the third quarter of fiscal 2022. It is an increase of 59% from the previous quarter. In the 3rd quarter of 2021, the revenue was zero.
  • The gross profit of NextPlay Technologies was $2.2 million. The consolidated gross profit improved to 53.5% from 51.9%.
  • NextPlay Technologies reported a strong balance sheet. As of the 3rd quarter, its assets are $121 million, and it has cash and cash equivalent up to $21.4 million.
  • NextPlay Technologies, Inc. (NXTP) has received conditional approvals for insurance and reinsurance licenses. It will enable the company to run digital primary insurance/reinsurance operations.
  • NextPlay Technologies, Inc. (NXTP) has launched NextPlay X Soma Labs; it’s a platform for NFTs and Metaverse.
  • NextPlay Technologies, Inc. (NXTP) also announced the MedTrek Fund. NextPlay will use its blockchain technology to securitize closed-end funds and build medical facilities.
  • NextPlay Technologies, Inc. (NXTP) made some changes in the upper management. Jorge E. Miro Hernandez will serve as president and COO of NextBank International. Carla P. Mendez was appointed as a chief administrative officer.

Effect on the NXTP Stock

The decline in the stock is not significant. Its value may regain because it might be affected by some external factors. Otherwise, its 3rd quarter reported was strong. In the past few days, NXTP has gained value.

Conclusion

NextPlay Technologies, Inc. (NXTP) growth rate is awe-inspiring. Its revenue has increased significantly compared to the 3rd quarter of last year. The gross margin is also very commendable. If the company managed to keep the growth rate consistent, its stock might gain significant value in the future.

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