Basic Materials

MICT (MICT) Stock Goes Parabolic: What’s Going On?

Those who are currently looking into stocks that might have recorded handsome gains in recent weeks could consider looking into the MICT Inc (NASDAQ:MICT) stock.

Over the course of the past three weeks, the stock has gone up by as much as 70% and in this situation, it might be a good idea to take a closer look at the company’s first-quarter financial results declared on May 24. In the quarter that ended on March 31, 2021 MICT managed to generate revenues of $8.9 million.

It is a considerable change in fortunes for the company from the year-ago period when it did not generate any revenues at all. On other hand, the gross profits for the quarter came in at $1.9 million. In the year ago period, MICT had generated gross profits of $0.The reversal in fortunes for MICT seems to have brought it into the radars of many investors and it might be a good move now to keep the stock in the watch lists.