Excluding Canopy Growth, companies in various sectors appear to be releasing positive quarterly reports. Yesterday we saw this with Aleafia Health; today, we’re witnessing it with OEM ceramics company SINTX Technologies, Inc. (NASDAQ:SINT). After releasing a positive Q2 report, SINT stock soared more than 100% on the Nasdaq Exchange, instantly becoming a Yahoo Finance trending ticker.
Here’s everything we know.
SINT Stock Goes Flying on Q2 Report
On Thursday, August 15, SINTX Technologies released its financial results for the three and six months ended June 30, 2019. Revenue came in at $0.2 million for the first three months, versus $0.1 million for the three months ended March 31 of this year. As of June 30, 2019, SINTX Technologies’ cash and cash equivalents came in at $3.2 million.
In the report, the Salt Lake City, Utah-based company also reported that it received notice from Nasdaq Regulation, saying it is now compliant with the minimum bid price requirement for SINT stock to continue to be listed on the Nasdaq Market (it is currently listed on the Nasdaq Capital Market).
Speaking on the news, CEO Dr. Sonny Bal said the following: “The transformation of SINTX from a retail spine business into an advanced ceramics company continues at an impressive pace.” Bal added: “Our factory is very busy with orders and we fully expect 3rd quarter revenue to exceed 2nd quarter. The future for SINTX Technologies is a very bright one.”
Based on the jump SINT stock experienced Thursday, many would agree with Dr. Bal that the company’s future is bright.
According to Yahoo Finance, as of 12:11 PM EDT, SINT stock is trading at $3.78; this puts SINT stock up 115%. Earlier in the day, the stock was trading up well above 130%.
Considering it’s still early in the trading day, it will be interesting to see if SINT stock can maintain this lead, and move above the 130% mark. Or, there’s another possibility: it may drop back down below 100%.
Do you have any predictions? Let us know in the comments below.
Featured image: PixaBay