Cemtrex Inc (NASDAQ:CETX) Stock Hits Multi-Month High On Hefty Volume: How to Trade Now?

There are some stocks that are soaring this morning despite there being no related news and one of those is the Cemtrex Inc (NASDAQ:CETX) stock, which has seen its share soar by 49% so far. In light of the remarkable rally in the stock, it might be a good move from investors to take a look at its financial results for the second quarter that were reported on June 24.

In the quarter that ended on March 31, 2021, the company managed to bring in revenues of $9.3 million, which was lower than the $12.1 million generated in the prior year period by 24%.

On the other hand, in the six month period that ended on March 31, 2021, Cemtrex managed to generate revenues of $18.1 million. That reflected a decline of 26% from the $24.3 million that the company had generated in the form of revenues in the prior year period.

In this regard, it should be noted that technology company could generated only $5.5 million in revenues from its Advanced Technologies division. That proved to be a drop of 5.5% from the prior year period. Lastly, Industrial Services business revenues tanked by 36% to only $3.8 million.

Market Reaction:

As of 11:39, CETX stock surged 49% at $2.22 with more than 86.40 million shares, compared to its average volume of 524k shares. The stock had moved within a range of $1.8800 – 2.4900 after opening the trade at $2.20. Over the past 52-week, the stock has been trading within a range of $0.9410 – 4.2000.