Pingtan Marine Enterprise Ltd. (PME) on a Downtrend in the After-hours

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Pingtan Marine Enterprise Ltd. (PME) stock lost 5.98% in the aftermarket, at $0.8650, from its previous close value of $0.9200 on November 24. In the last trading session, the stock gained 12.20%, which led to profit-booking, as the stock entered market corrections. Intraday trading, the stock fluctuated between a high of $0.9298 and a low of $0.7800 at a volume of 990.69 thousand. The day’s volume was 289% of the stock’s average volume of 342.69 thousand. In the past year, the stock has gone as high as $2.3350 and as low as $0.5601. Moreover, the stock has gained a value of 31.43% in the previous five days and 43.77% in the last three months. While it had lost a value of 50.54% year to date. PME stock has a current market capital of $79.07 million with 85.94 million outstanding shares.

Founded in 1998, Pingtan Marine Enterprise Ltd. (PME) through its subsidiary, engages in ocean fishing and the sale of frozen marine catches.

PME stock’s recent Movement

Since the company announced its financials on November 16, the stock has been more or less bullish. On the whole, the stock reached a value of $0.92 at close on November 24, against its November 16th opening value of $0.69. While this gain in itself was a good reason, the PME’s gain of 12.20% on November 24 alone was enough for profit bookers. Hence, the stock now is in a downfall due to market corrections.

Q3 Financial Results

Pingtan Marine Enterprise Ltd. (PME) declared its third-quarter financial results on November 16, 2021. As per the third quarter of 2021, the revenue was $36.1 million against $15.4 million in Q3 of 2020. This shows a huge increase of 133.7% year-over-year. Moreover, the sales of the quarter also increased by 110.1% from the Q3 of 2020.

Further, the gross margin of PME for the third quarter of 2021, was (11.3)%, against 10.7% in the Q3 of 2020. An increase in the unit production cost of fish was responsible for this decrease.

In addition, the third quarter of 2021, reported a net income of $2.9 million, against $0.8 million in Q3 of 2020. Consequently, the net income attributable to ordinary shareholders was $2.6 million or $0.03 per basic and diluted share for Q3 2021. While the same was $0.7 million or $0.01 per basic and diluted share for Q3 of 2020.

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