Business

Delisting Cartesian Inc (NASDAQ:CRTN) Stock Booms!

Cartesian Inc (NASDAQ:CRTN)

Cartesian Inc (NASDAQ:CRTN)

Cartesian Inc (NASDAQ:CRTN) stock nearly doubled on Friday even though there was no news released by the company or reported by any of the major news services. CRTN shares closed at $0.26 on Thursday then gapped up to open on Friday at $0.29, hit an inter-day high about one hour into trading at $1.00, and closed the session at $0.51.

The company will be announcing their Q3 2017 financial results after the market closes on Monday, November 13, 2017. A conference call to explain the results will follow.

Cartesian Inc (NASDAQ:CRTN) provides global consulting services, and managed solutions, to companies in global communications, technology and digital media. Cartesian services include strategic advice, management consulting, and managed solutions. The company has offices in Boston, Kansas City, London, New York, and Philadelphia.

CRTN Delists

On November 2, 2017, Cartesian Inc (NASDAQ:CRTN) notified the Nasdaq Stock Market that it would voluntarily delist its common stock at the close of business on November 13, 2017. Cartesian is currently taking the steps necessary to have its common stock begin trading in the OTCQB Market, operated by OTC Markets Group.

Cartesian’s Board of Directors approved the voluntary withdrawal of the Company’s common stock from listing on the NCM as a result of numerous factors, including its assessment of the probability of the Company’s regaining compliance with the Rule and complying with certain other Nasdaq quantitative requirement.

 

CRTN Stock Performance

Q2 2017 revenues decreased by 31% to $13.0 million from $18.9 million for the same period in 2016. Q2 2017 net loss was (-$1.4) million, or (-$0.16) per diluted share, compared to a net loss of (-$12.9) million, or (-$1.49) per diluted share in Q2 2016.

Follow the company’s Q2 earnings release, CRTN stock traded, mostly in a range between $0.50 and $0.70 through the end of October. Then at the beginning of November, CRTN shares dived below $0.30 until the massive upward move last Friday. Year-to-date, CRTN stock is down 44%.

Sales increased from 2012 when the company reported sales of $53 million, until 215 when the company posted sales of $78.3 million. Then, in 2016, sales decreased to a figure of $71.7 million.

Earnings have been worse. They have not produced positive earnings in the past five years. The per share loss expanded from 2014 (-$0.18) to a figure of (-$1.81) in 2016.

No investment analysts follow the firm – likely due to the fact that its market capitalization is below $5 million.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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