Chinese technology firm MMTEC Inc (NASDAQ:MTC) emerged as one of the notable movers on Tuesday and managed to clock gains of as much as 10% as investors piled on to the stock in a big way.
While the rally in the stock will likely bring the stock into considerable focus among investors, it is also necessary to note that there was no news about the company yesterday that might have triggered such a rally. As a matter of fact, the last time that any news emerged about the company was back in April this year when MMTEC announced its financial results for the financial year ended on December 31, 2020.
In the 2020 financial year, the company managed to generate revenues of as much as $742,125 and that reflected a steep rise from the $200,797 in revenues that it had brought in, in 2019. On the other hand, the cost of generating went up to $90,890 and that was a steep rise from the cost of only $7405 in 2019. The gross profit for the financial year was $734,720, which also represented gross margins of 99%. In 2019, the gross profit had been $109907 and the gross margin had stood at 54.7%.