Micronet Enertec Technologies Inc (NASDAQ:MICT)
Micronet Enertec Technologies Inc (NASDAQ:MICT) shares are off their inter-day highs but are still up over 21% after the company announced that its wholly owned subsidiary received a $3.1 million order. The defense technology company has a $5.5 million market capitalization and observers believe this order might significantly strengthen the company’s earnings. In the last four months, Micronet has booked over $9,000,000 in orders received for their ELD solutions.
The $3.1 million purchase order is for the company’s recently released SmartHub-TREQr5 product. The SmartHub-TREQr5 is an Android on-board computer optimized for Internet of Things (IOT) and fleet management applications. SmartHub-TREQr5 improves efficiencies and safety for trucking and other fleet management operations.
David Lucatz, Chief Executive Officer of Micronet Enertec Technologies stated in a press release, “We believe that $9,000,000 in total orders in just four months clearly indicates the market’s growing demand for electronic logging device (ELD) products and, more importantly, Micronet’s power to design and deliver MRM technologies that optimally serve customers’ needs. We are pleased with the pace at which Micronet is closing on new sales and we look forward to shipping on this purchase order.”
In July of 2016, Micronet Enertec Technologies Inc (NASDAQ:MICT) shares briefly traded above the psychologically-important $2.50 level. Since then the shares have been sliding and permanently broke below the $1 per share threshold early this past summer. There have been several attempts for the stock to break above $1, but every rally met with strong selling.
Year-to-date MICT shares are down almost 50% and are down almost 25% over the past month. The company’s fundamentals match its stock performance. In 2013, Micronet Enertec Technologies Inc (NASDAQ:MICT) hit its high sales point of $35.6 million. By 2016, the company reported sales of just $22.7 million. Likewise, per share earnings have been on a similar slide. In 2012 Micronet posted a per share profit of $1.67. The next year the company posted a loss and the per share losses have been expanding ever since. For 2016 the per share loss was (-$0.97).
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.