MICT Inc. [NASDAQ: MICT] price plunged by -4.42 percent to reach at -$0.11. The company report on June 7, 2021 that MICT Board Approves $60M Capitalization for Wholly Owned Subsidiary Magpie Securities to Fund Stock Trading Platform Launch.
MICT, Inc. (Nasdaq: MICT) (“MICT” or the “Company”) announces its Board of Directors has approved a $60M capital injection from MICT to its wholly owned subsidiary, Magpie Securities (“Magpie”), which developed and will operate the Company’s online stock trading platform from Hong Kong.
The transfer to Magpie will be in two tranches. The first $30M will be in the form of equity capital. Then, upon Hong Kong Securities and Futures Commission approval, the second $30M will be by way of intercompany subordinated loan.
A sum of 6530706 shares traded at recent session while its average daily volume was at 3.92M shares. MICT Inc. shares reached a high of $2.60 and dropped to a low of $2.24 until finishing in the latest session at $2.38.
Guru’s Opinion on MICT Inc. [MICT]:
The Average True Range (ATR) for MICT Inc. is set at 0.18, with the Price to Sales ratio for MICT stock in the period of the last 12 months amounting to 24.77. The Price to Book ratio for the last quarter was 1.28, with the Price to Cash per share for the same quarter was set at 1.17.
MICT Stock Performance Analysis:
MICT Inc. [MICT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.68. With this latest performance, MICT shares gained by 49.69% in over the last four-week period, additionally plugging by 40.00% over the last 6 months – not to mention a rise of 91.94% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MICT stock in for the last two-week period is set at 69.92, with the RSI for the last a single of trading hit 74.43, and the three-weeks RSI is set at 64.54 for MICT Inc. [MICT]. The present Moving Average for the last 50 days of trading for this stock 1.80, while it was recorded at 2.30 for the last single week of trading, and 2.47 for the last 200 days.
Insight into MICT Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and MICT Inc. [MICT] shares currently have an operating margin of -1413.38 and a Gross Margin at -162.40. MICT Inc.’s Net Margin is presently recorded at -1960.10.
Return on Total Capital for MICT is now -45.98, given the latest momentum, and Return on Invested Capital for the company is -68.30. Return on Equity for this stock declined to -70.41, with Return on Assets sitting at -54.97. When it comes to the capital structure of this company, MICT Inc. [MICT] has a Total Debt to Total Equity ratio set at 2.12. Additionally, MICT Total Debt to Total Capital is recorded at 2.08, with Total Debt to Total Assets ending up at 1.70. Long-Term Debt to Equity for the company is recorded at 0.26, with the Long-Term Debt to Total Capital now at 0.26.
Receivables Turnover for the company is 2.66 with a Total Asset Turnover recorded at a value of 0.03.MICT Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.50 and a Current Ratio set at 11.70.
MICT Inc. [MICT] Insider Position Details
There are presently around $22 million, or 9.70% of MICT stock, in the hands of institutional investors. The top three institutional holders of MICT stocks are: VANGUARD GROUP INC with ownership of 3,551,521, which is approximately 26.214% of the company’s market cap and around 7.70% of the total institutional ownership; BLACKROCK INC., holding 1,988,668 shares of the stock with an approximate value of $4.73 million in MICT stocks shares; and MORGAN STANLEY, currently with $2.6 million in MICT stock with ownership of nearly 222.961% of the company’s market capitalization.
Positions in MICT Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 20 institutional holders increased their position in MICT Inc. [NASDAQ:MICT] by around 4,732,635 shares. Additionally, 8 investors decreased positions by around 2,506,973 shares, while 2 investors held positions by with 2,130,946 shares. The mentioned changes placed institutional holdings at 9,370,554 shares, according to the latest SEC report filing. MICT stock had 8 new institutional investments in for a total of 323,543 shares, while 7 institutional investors sold positions of 1,859,048 shares during the same period.