Is It Time To Review Earnings News? MICT, Inc. (NASDAQ:MICT)

MICT, Inc. (NASDAQ:MICT) stock observed trading -47.68% off 52-week high price. On the other end, the stock has been noted 250.00% away from low price over the last 52-weeks. The stock disclosed a move of -11.91% away from 50 day moving average and -1.51% away from 200 day moving average. Moving closer, we can see that shares have been trading -5.53% off 20-day moving average. It has market cap of $10.78M .

MICT, Inc. (NASDAQ:MICT) released financial results for the three months ended March 31, 2019.

MICT’s financial results for the first quarter of 2019 reflect Micronet, Ltd. revenues for the months of January 2019 and February 2019 only. On February 24, 2019, Micronet closed a public equity offering on the Tel Aviv Stock Exchange which resulted in a dilution of MICT’s ownership interest in Micronet to 33.88%. Thus, based on U.S. GAAP, MICT no longer includes Micronet’s financial results in its consolidated financial statements effective as of March 1, 2019.  However, MICT  is of the opinion that it maintains effective control of Micronet by virtue of its high level of influence over Micronet.

David Lucatz, Chief Executive Officer of MICT stated “We continue to be engaged in the transactions contemplated by the acquisition agreement entered into among MICT, BNN and ParagonEx Ltd.”.

Q1 2019 Review

Revenue was $477,000 in the first quarter of 2019, compared to $5.98 million in the first quarter of 2018.

Gross loss was $369,000, representing 77% of revenues in the first quarter of 2019, compared to gross profit of $1.72 million, representing 29% of revenues, in the first quarter of 2018.

Research and development (R&D) expense in the first quarter of 2019 was $261,000, or 55% of sales, as compared to $527,000, or 9% of sales in the first quarter of 2018.

Selling, general and administrative (SG&A) expense was $1.19 million in the first quarter of 2019, as compared to $1.67 million in the first quarter of 2018.

Net loss attributable to MICT, Inc. was $910,000 in the first quarter of 2019 as compared to a net loss of $850,000 in the first quarter of 2018. On a per share basis, MICT reported a loss of $0.09 per basic and diluted share from continued operations in the first quarter of 2019, as compared to a loss of $0.11 per basic and diluted share from continued operations in the first quarter of 2018.

 The USA based company MICT moved with change of -1.03% to $1.01 with the total traded volume of 24285 shares in recent session versus to an average volume of 84.28K. The stock was observed in the 5 days activity at 1.50%. The one month performance of stock was -2.40%. MICT’s shares are at -18.15% for the quarter and driving a -24.81% return over the course of the past year and is now at 53.53% since this point in 2018.  Right now the stock beta is -0.56. The average volatility for the week and month was at 9.11% and 9.38% respectively. There are 10.62M shares outstanding and 7.85M shares are floated in market.

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