On January 11, Smith Mirco Software Inc. (SMSI) stock finally rebounded in the after hours. Previously, the stock had been trading in the red for more than a week, losing 9.15% year to date.
During regular trading, SMSI stock lost 0.45% at its close of $4.47 with 345.09 thousand shares exchanging. Soon the tides turned, as the stock entered green in the after-hours to gain 6.26%. Consequently, the stock was trading at $4.75 per share in the after-hours session.
More about SMSI and its Movement
Founded in 1982, the software solutions provider, Smith Mirco Software Inc. is headquartered in Pittsburgh, PA. Currently, the company has a market capitalization of $245 million with its 54.57 million shares outstanding. In the past five days, SMSI stock has lost a value of 8.21% and 12.70% last month. Further, the stock has subtracted 25.50% last year.
SMSI stock has been trading in the red since before the start of the new year 2022. After trading in the red for so many days, the stock finally rebounded on Tuesday, Hence, the stock started trading in the green in the after-hours session on January 11. Furthermore, no news from the company is behind the stock’s movement into the green. It seems as if the recent new 52-week low of the stock brought a good buying opportunity.
Recent Developments
Recently, the company announced the appointment of James M. Kempton as its CFO, effective November 03, 2021. Mr. Smith joined the company from his position as Corporate Controller and Principal Accounting Officer at L.B Foster Company. Before that, he also served at Caliburn International pf Reston, Virginia, as its Executive Vice President and CFO. Moreover, Mr. Kempton has also served with Michael Baker International, Michael Baker Corporation, and Ernst and Young.
Previously, Mike Fox served as the interim CFO of SMSI, who joined the company as interim Vice President of Finance.
SMSI’s Financials
On November 10, the company declared its financial results for the third quarter of 2021, which ended on September 30.
SMSI generated revenue of $16.4 million in the third quarter of 2021, against $12.6 million in the year-ago quarter.
Additionally, the company had a non-GAAP net loss of $258 thousand or break even on earnings per share in the third quarter of 2021. Comparatively, the company reported a non-GAAP net income of $1.8 million with $0.04 per diluted share in Q3 of 2020.
