Home Equities Score Here is why 3D Systems Corporation (DDD) stock turnaround on Monday?

Here is why 3D Systems Corporation (DDD) stock turnaround on Monday?

3D Systems Corporation (DDD) stock started the new week in a negative mode and lost 7.40% in the normal trading session on Monday, May 10, 2021. Later, in the after-hours, DDD gained 13.99% to close the session at $20.15 per share.

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DDD shares have climbed 126.37% over the last 12 months, and they have moved down 13.11% in the past week. Over the past three months, the stock has plummeted 66.06%, while over the past six months, it has surged 171.71%.

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Financial results announcement

On May 10, 2021, 3D Systems Corporation announced its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • In Q1 2021, 3D Systems Corporation earned a revenue of $146.1 million compared to $135.6 million in Q1 2020.
  • Gross margins were 44.0% in Q1 2021 compared to gross margins of 42.1% in Q1 2020.
  • The company reported GAAP earnings of $0.36 per diluted share in Q1 2021, compared to a loss of $0.17 per share in Q1 2020.
  • Q1 2021 Non-GAAP earnings were $0.17 per diluted share compared to a loss of $0.04 per share in Q1 2020.
  • DDD suffered a GAAP operating loss of $2.0 million in Q1 2021compared to GAAP net income of $45.2 million in Q1 2020.
  • Adjusted EBITDA was $19.8 million in Q1 2021, compared to $2.2 million in Q1 2020. 

3D Systems Corporation facing legal battles

Plenty of class actions and lawsuits have been filed recently by different law firms against 3D Systems Corporation.

On May 10, 2021, Levi &Korsinsky, LLP notified that a securities class action lawsuit has been commenced in the United States District Court for the Eastern District of New York.

The class action says that throughout the class period company issued materially false and/or misleading statements and/or failed to disclose that: (1) 3D Systems lacked proper internal controls over financial reporting; and (2) as a result, 3D Systems’ public statements were materially false and/or misleading at all relevant times.

Strategic growth acquisitions

On May 06, 2021,3D Systems announced targeted investments to address rapidly expanding application opportunities for additive manufacturing (AM) in medical and high-reliability industrial applications.

3D Systems acquired Levi, a Philadelphia, Pennsylvania-based developer of bioprinting solutions, comprising 3D bioprinters, biomaterials (also known as bioinks), and specialized laboratory software.

3D Systems recently also acquired Additive Works. Additive Works is Bremen, a Germany-based software company that has focused upon simulation-based optimization and automation of the AM print preparation and workflow.

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Conclusion

The DDD stock went up in the after-hours after the company reported its improved financial results for Q1 2021, which surpassed earnings and revenue estimates. We can expect it to surge more on Tuesday, based on its recent developments.

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