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IT Tech Packaging Inc (ITP) stock surged on Friday, but Why?

FEDU Stock

FEDU Stock

IT Tech Packaging Inc. (ITP) shares gained 3.48% to trade at $0.5645 in after-market on Friday, April 23, 2021. Earlier, ITP stock added 3.10% to close Friday’s session at $0.55. ITP shares have fallen 25.78% over the last 12 months, and they have moved up by 6.96% in the past week. Over the past three months, the stock has lost 30.64%, while over the past six months, it has shed 17.35%.

Let’s see what’s going on with the ITP company


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Completion of Construction in Tissue Paper Production Line

On April 20, 2021, IT Tech Packaging, Inc announced the completion of fundamental constructions on its new tissue paper production line and said that it has also finished the installation of affiliated equipment.

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Qualification for Biomass CHP Project

On April 7, 2021, IT Tech Packaging, Inc. achieved the qualification to supply central heating in industrial parks by utilizing biomass technology.

the procurement bidding process was completed in February 2021 by the company. The project is sufficient to fulfill the ITP internal power and gas demand for paper production, as well as to supply industrial gas to enterprises operating in the industrial parks.

The Company expects to earn a revenue of RMB114.64 million (approximately $17.5 million) per year based on the heating steam’s current market price of RMB220 per ton.

Financial results

On March 23, 2021, IT Tech Packaging Inc reported its unaudited financial results for the fourth quarter and for the fiscal year ended December 31, 2020.

FY-2020 financial highlights

Q4 2020 financial highlights

Conclusion

There is no recent news or development to justify its gains on Friday. We can assume that ITP stock will continue its positive momentum on Monday as well.

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