0.7002
11.31%
-0.0893
After Hours:
.70
-0.0002
-0.03%
Why is Primech Holdings Ltd (PMEC) Stock down?
We've noticed a 11.31% decline in Primech Holdings Ltd (PMEC) stock during the 2024-11-04 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
15 Apr, 2024:
Primech Holdings Ltd (PMEC) stock fell by 11.13% in response to several factors affecting the broader market. This decline was driven by a combination of geopolitical tensions, economic reports, and overall market uncertainty.
- Market Reaction to Geopolitical Events: The decline in PMEC stock was part of a broader market trend, with major indices like Nasdaq, S&P 500, and Dow experiencing declines. This was attributed to reports of Iran launching drones and missiles at Israel, raising concerns about potential disruptions to global trade and commerce.
- Impact of Economic Reports: Additionally, the Census Bureau report revealed a 0.7% increase in retail sales for March 2024, exceeding market expectations. However, concerns about inflation were heightened by the March 2024 CPI report, which indicated slightly higher than expected inflation. This raised fears that the Federal Reserve might delay rate cut plans for 2024, contributing to the market's volatility.
28 Mar, 2024:
Primech Holdings Ltd Stock (PMEC) crashed by 66.75% due to the release of a financial and corporate update concurrent with the filing of the Company's financial results for the six months ended September 30, 2023. These results encompass periods predating the Company's initial public offering ("IPO") in October 2023.
- Revenue: Primech Holdings reported revenue of approximately $35.2 million for the six months ending September 30, 2023, reflecting a 7.5% increase from the corresponding period in 2022.
- Gross Profit Margin: The company's gross profit margin rose from 11.6% in the six months ending September 30, 2022, to 16.4% in the six months ending September 30, 2023.
- Profit from Operations: Primech Holdings recorded a profit from operations of approximately $0.3 million for the six months ending September 30, 2023, in contrast to a loss from operations of approximately $1.6 million for the same period in 2022.
- Net Income: The company reported a net income of approximately $0.2 million for the six months ending September 30, 2023, compared to a net loss of approximately $1.9 million for the same period in 2022. Despite positive results, investors seemed to overeact to make a massive selling, leading to a sudden drop in stock price.
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