Home Financial Markets Penny Stocks The CRSS Stock Increased 82% In The Last Session Due To What?

The CRSS Stock Increased 82% In The Last Session Due To What?

Stock of Crossroads Systems, Inc. (OTCQX: CRSS) gained 81.82% or $18.00 in Friday’s trading session, closing the day at $40.00 a share. Crossroads Systems stock 52-week low has now moved to $6.50 with the CRSS stock 52-week high at $27.05 per share. Surge in the CRSS stock came in absence of any relevant news but the performance shared by the company recently can provide better insight.

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How did the performance go?

The holding company, Crossroads Systems, makes investments in businesses and community development to promote economic vitality.

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Recently, Crossroads Systems shared its key performance metrics alongside the release of financial results for the first quarter of fiscal year 2021.

  • New single-family mortgages totaled $3.7 million during the first quarter of fiscal year 2021.
  • A total of $130.9 million in mortgages were processed by CRSS for the period of 2021 from $123.3 million for the comparable period in the prior year.
  • CRSS experienced a serious delinquency rate of 1.4% for the period ending January 31, 2021, compared to a 1.4% rate at the end of the same period in 2020.
  • According to the Federal Home Loan Mortgage Corporation (Freddie Mac), the rate of serious delinquencies among single-family home owners reached 2.6% in the period ended January 31, 2021.
  • This rate of serious delinquency employs a three-month payment or more delinquency formula to determine the number of mortgage loans that are in foreclosure or three months behind in obligations.
  • As of January 31, 2021, CRSS held 107 properties in inventory, compared to 134 properties at the same time in 2020.

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What else for CRSS?

By January 31 of 2021, Crossroads Systems (CRSS) gross inventory was $11.2 million compared to $13.1 million on January 31 of 2020. In addition to building inventory, CRSS plans to renovate, fix, and prepare to sell houses in the spring of 2021. In the upcoming spring of 2021, CRSS expects housing demand to be on track with historical patterns compared to the spring of 2020 disrupted by COVID.

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