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SilverSun Technologies Inc (SSNT) stock performed well on Thursday, But why?

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SilverSun Technologies Inc. (SSNT) shares surged 14.32% in the after-hours on Thursday, June 17, 2021, and closed at $8.46 per share. Earlier in the morning session, SSNT’s stock gained 1.37% to close Thursday’s morning session at $7.40 per share. SSNT shares have risen 240.95% over the last 12 months, and they have moved down by -5.73% in the past week. Over the past three months, the stock has gained 11.78%, while over the past six months, it has shed 136.34%.

Let’s have a look at its recent news and developments.

Avalara Top Partner Award

On June 4, 2021, SWK Technologies, Inc which is a wholly-owned subsidiary of SilverSun Technologies, received the Avalara Top Partner Award for 2021 in the systems integrator category.

The Avalara Partner Awards recognize Avalara partners that have gone above and beyond in areas including sales, customer satisfaction, integration, and implementation.

Recent financial results

On May 11, 2021, SilverSun Technologies, Inc reported its first-quarter results for the three months ended March 31, 2021.

Q1 2021 financial highlights

  • SWK Technologies reported a total revenue of $10,879,468 in Q1 2021 compared to $10,079,524 in Q1 2020.
  • For Q1 2021, gross profit was$4,746,537, compared with $3,852,210 in Q1 2020.
  • EBITDA was $691,319 in Q1 2021 compared to $218,654 in Q1 2020.
  • For Q1 2021, Net income was $354,679, or $0.07 per basic and diluted share in Q1 2021, compared to a net loss of $292,115, or $0.06 loss per basic and diluted share in Q1 2020.
  • The Company had $9,356,136 in cash; $1,904,057 in accounts receivable; long term debt of $725,416and total stockholders’ equity of $11,688,772, on March 31, 2021.

New IT Security and Compliance Division

OnApril 7, 2021, SilverSun Technologies, Inc established an IT security and compliance division. The new practice will assist SWK’s 5000+ customers in achieving compliance goals to meet or exceed regulatory compliance obligations.

Intention to acquire Human Capital Management Division of PeopleSense

On March 30, 2021, SWK Technologies which is a wholly-owned subsidiary of SilverSun Technologies, Inc signed a letter of intent to acquire the human capital management (HCM) division of PeopleSense, Inc. Over the last 18 years, PeopleSense has implemented HCM solutions to customers over half of the United States, Canada, Puerto Rico and the U.S. Virgin Islands.

FY2020financial highlights

  • For FY 2020, company reported total revenue of 41,220,406, compared with $38,502,482 in 2019.
  • Gross profit was $16,578,981 in FY 2020, compared with $14,678,454 in 2019.
  • EBITDA was $929,317 in FY 2020, compared with$1,187,026 in FY 2019.
  • EPS on a diluted basis, was $0.04 in FY 2020, compared to a loss per share from continuing operations of $0.33 in 2019.
  • The company had total cash of $6,595,416and $1,892,129 in long term liabilities on December 31, 2020. 

Conclusion

Well, as of this writing, there is no new development which we can link with its good performance on Thursday. we hope that SSNT will continue to perform well on Friday as well.

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