Digital cinema technology leader Moving iMage Technologies Inc (NYSEAMERICAN:MITQ) could be worth tracking today for investors considering the magnitude of the gains made by the stock yesterday. The stock moved strongly yesterday and managed to clock gains of as much as 32% in response to the announcement of the financial results from the company.
On Wednesday, MITQ stock surged 33.33% to $1.60 with more than 53.07 million shares, compared to its average volume of 814k shares. The stock moved within a range of $1.4600 – 1.7400 after opening trade at $1.51.
Moving iMage Technologies Announces 113% Revenue Growth in Second Quarter Fiscal 2022
In the second fiscal quarter that had ended on December 31, 2021 Moving iMage Technologies managed to generate revenues of as much as $3.4 million, which worked out to a raise of as much as 113%. However, that was not all. The backlog in the company’s books came in at $11.1 million at the end of the quarter, which reflected a sequential rise of as much as 44%.
The Chief Executive Officer and Chairman of the company Phil Rafnson stated that the company managed to deliver strong numbers in a quarter that historically coincides with a relatively fallow spell for the company. Hence, it can be said that the optimism among investors with regards to the stock is perhaps not outstanding. In addition to that, Moving iMage Technologies also raised the revenue projection for the year 2022 to the $14 million to $16 million range.
“We delivered robust numbers in what is historically our seasonally slowest quarter,” said Phil Rafnson, chairman and chief executive officer. “We continued to benefit from a combination of our strong proprietary product portfolio and leading industry position, as cinema operators are just beginning to invest the Cares Act grants (SVOG) into technology and overall theater upgrades to remain competitive. Additionally, the domestic box office continued its strong recovery, with multiple blockbusters in late 2021 and analysts expecting a strong recovery in 2022.”
MITQ stock is trading below the 50-Day and 200-Day Moving averages of $1.82 and $3.02 respectively. However, the stock is trading above the 20-Day moving average of $1.43.