IT Tech Packaging (NYSEAMERICAN:ITP) Stock Extends Fall After Reporting Q3 Earnings
IT Tech Packaging (NYSEAMERICAN:ITP) has made a name for itself in the packaging and distribution of a range of paper products in the North China market over the years.
Market Stats
On Wednesday, ITP stock moved down 4% to $0.40 with more than 3.44 million, compared to its average volume of 3.80 million shares. The stock has moved within a range of $0.3800 – 0.4144 after opening the trade at $0.41.
Earnings Review
Yesterday, the company announced its financial results for the third fiscal quarter that had ended on September 30, 2021. The market did not react kindly to the results and the stock actually went down by as much as 4%. In fact, the decline yesterday stretched the losses in the IT Tech Packaging for the past week to as much as 12%.
In the three months that ended on September 30, 2021 the company managed to bring in revenues of as much as $45,087,671 and that represented a year on year rise of as much as 35.17% from the revenues of $33,357,451 in the prior year period.
On the other hand, the gross profits for the quarter stood at $1,821,356 but that reflected a sharp decline of as much as 29.06% from the gross profits that had been recorded in the prior year period. In light of the decline in the stock, it now remains to be seen if the IT Tech Packaging stock does manage to mount a recovery any time soon.
Key Quote
Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “For the first nine months this year, we continued making improvements in the sales of CMP, offset printing paper and tissue paper products . Our total revenue for the first nine months of 2021 increased by 69.19% to $115.83 million, resulting from 36.34% growth of overall sales volume and a 25.63% increase in average selling prices over all categories of products. We recorded a 34.80% increase of gross profit.
Traders Corner
ITP stock is trading below the 200-Day and 20-Day Moving averages of $0.54 and $0.40 respectively. However, the stock is trading above the 20-Day moving average of $0.39. The stock is up 9% in the past month.
