Micronet Enertec Technologies Inc (NASDAQ:MICT)
Micronet Enertec Technologies Inc (NASDAQ:MICT) shares are up over 20%, to $0.94, on massive volume. The catalyst for the unusual activity is the company’s announcement that it received a $1.9 million order. The move also comes one day after the technology company filed with the SEC regarding an increase to the company’s share compensation plan, investors have rushed into the stock and sent its volume to over 100 times the daily average.
Micronet Inc., has received a purchase order from a current customer, valued at $1,900,000 for its TREQ®-317. In the last seven months Micronet Enertec Technologies Inc (NASDAQ:MICT) has received orders of over $14 million for Micronet’s technological solutions for the telematics and the electronic logging device (ELD) market.
David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc. stated in a press release “We are very pleased to continue working with our valued customers. We believe that new orders from current customers are a clear indication of the value our products deliver in the MRM space. We believe that the continued and increasing demand for our advanced Android based computing systems supports Micronet in expanding its product offerings and becoming a leading provider in the rapidly expanding MRM/telematics market.”
Micronet Shareholder’s Meeting
Micronet Enertec Technologies Inc (NASDAQ:MICT) held its 2017 Annual Meeting of Stockholders on November 15, 2017. At the meeting, the MICT stockholders approved an amendment to the Company’s 2014 Stock Incentive Plan, increasing the number of common shares from 100,000 to 200,000. Also amended was the company’s 2012 Stock Incentive Plan. The amendment increased the number of outstanding common shares from 1,000,000 to 3,000,000.
Micronet Enertec Technologies Inc (NASDAQ:MICT) operates through two companies in Israel. Enertec Systems 2001 Ltd, its subsidiary, and Micronet Ltd. Micronet Ltd develops, manufactures, and markets laptops, tablets, and rugged computers to the commercial, defense and aerospace markets. Micronet also operates in the commercial mobile resource management market. Enertec is in the defense and aerospace markets. Enertec designs, develops and manufactures computer based instruments.
MICT Stock Performance
Shares of Micronet Enertec Technologies Inc (NASDAQ:MICT) have lost over 40% for the year. Investors have had to endure declining sales combined with expanding per share losses.
In 2013, sales were $35.6 million but that number was just $$22.7 million by 2016. In 2012, the company’s EPS was $1.67. That profit changed to a loss (-$0.10) the following year and the annual losses expanded each year. By 2016, Micronet Enertec Technologies Inc (NASDAQ:MICT) posted a per share loss of (-$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: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.