Home Top Movers Why Sprott Inc. (SII) stock took a plunge late Friday?

Why Sprott Inc. (SII) stock took a plunge late Friday?

Sprott Inc. (SII) shares slumped 13.39% to trade at $39.0 in after-market on Friday, April 30, 2021. Earlier, SII’s stock gained 0.27% to close Friday’s session at $45.03. SII shares have surged 83.80% over the last 12 months, and they have moved up by 4.97% in the past week. Over the past three months, the stock has gained 58.67%, while over the past six months, it has added 42.50%.

Let’s have a look at the recent developments of SII


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Agreement with Uranium Participation Corporation

On April 28, 2021, Sprott Asset Management LP, which is a wholly-owned subsidiary of Sprott Inc, entered into a definitive agreement to form a new entity, Sprott Physical Uranium Trust in which UPC shareholders will become unitholders of the Sprott Physical Uranium Trust. The new entity will be managed by Sprott Asset Management.

Sprott filed an early warning report

On April 19, 2021, Sprott Inc filed an early warning report under applicable Canadian securities laws stating that on April 16, 2021, SRHI closed a bought deal with SII. SRHI offered a total of 20,930,000 units at an offering price of C$0.55 per unit.

Recent investor conference

Sprott Inc recently hosted an Investor Webcast which held on April 6, 2021, at 10:00 a.m. ET. The Company was represented by Peter Grosskopf, Chief Executive Officer, Whitney George, President, Kevin Hibbert, Chief Financial Officer, and John Ciampaglia, Chief Executive Officer of Sprott Asset Management.

Recent financial results

On February 26, 2021, Sprott Inc reported financial results for the year ended December 31, 2020.

Q4 2020 financial highlights

  • For Q4 2020, the net fee was $26.2 million compared to $14.8 million in Q4 2019.
  • Net commissions were $4 million in the quarter.
  • Finance income was $1.6 million in the reported quarter, 34% down from Q4 2019.
  • Gain (loss) on investments was ($3.1) million in the quarter.
  • SG&A expenses were $2.4 million in the quarter, 18% down compared to Q4 2019.
  • SII net income was $6.7 million in the fourth quarter of 2020.
  • Adjusted base EBITDA was $14.8 million in the quarter, a 98% increase in comparison with Q4 2019.

FY 2020 financial highlights

  • For FY 2020, the net fee was $76.3 million.
  • Finance income was $4 million for FY 2020, 65% down in comparison with 2019.
  • Gain (loss) on investments was $5.1 million on a full-year basis.
  • SG&A expenses were$11.6 million for FY 2020, 7% less compared to FY2019.
  • SII net income was $27 million on a full-year basis.
  • Adjusted base EBITDA was $44.2 million for FY 2020, 52% more in comparison with FY 2019.

Fourth-quarter 2020 dividend

On February 25, 2021, the Board of Directors of Sprott Inc declared a fourth-quarter 2020 dividend of US$0.25 per common share.

Conclusion

There is no recent news except the agreement news with UPC which we do not think is the reason behind its plunge on Friday. We hope to see it continue its positive momentum on Monday.

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