Home Trending Stocks Why Professional Diversity Network, Inc (IPDN) stock rallied on Thursday?

Why Professional Diversity Network, Inc (IPDN) stock rallied on Thursday?

Professional Diversity Network, Inc (IPDN) stock performed well on Thursday, May 20, 2021. IPDN stock gained 7.10% in the normal trading session and later in the after-market session, it further surged 10.84% to close the day at $1.84 per share.IPDN shares have risen 13.79% over the last 12 months, and they have moved up 19.42% in the past week. Over the past three months, the stock has lost 61.40%, while over the past six months, it has soared 55.14%.

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Let’s see is there any reason behind its positive momentum on Thursday?

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Financial results announcement

On May 17, 2021, Professional Diversity Network, Inc released its financial results for the quarter ended March 31, 2021.

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Q1 2021 financial highlights

  • Professional Diversity Network reported revenues of $1,484,000 for Q1 2021 compared to $982,000 during the same period in the prior year.
  • The cost of revenues was approximately $261,000 in Q1 2021 compared to approximately $173,000 in Q1 2020.
  • The company suffered a net loss of approximately $756,000 in Q1 2021 compared to a net loss of approximately $1,422,000 during the three months ended March 31, 2020.
  • Basic and diluted net loss per share was $0.06 during the three months ended March 31, 2021, compared to $0.17 during the three months ended March 31, 2020.
  • Adjusted EBITDA was $686,000 for Q1 2021 compared to $906,000 in Q1 2020.
  • Professional Diversity had cash balances of $2.3 million on March 31, 2021.

Kappa Alpha job board launching

On April 01, 2021, Professional Diversity Network, Inc launched the Kappa Alpha Psi Fraternity, Inc. (ΚΑΨ) job board.

Kappa Alpha is a fully integrated job board located on ΚΑΨ’s website. Kappa Alpha Psi is the second oldest historically black fraternity.

Acquisition of RemoteMore

On March 26, 2021, Professional Diversity Network, Inc. entered into a stock purchase agreement to acquire equity interests in RemoteMore USA, Inc.

RemoteMore is an innovative technology company that provides remote-hiring marketplace services for developers and companies and addresses the increasing demand for qualified candidates by connecting them with businesses through an extensive, remote services network.

Partnership with Phala Network

On Dec. 30, 2020, Professional Diversity Network, Inc. signed a partnership agreement with Phala Network to develop a privacy-protecting Blockchain application.

The biggest disadvantage of Blockchain technology is its lack of confidentiality. To overcome this, Phala Network uses the technology of Trusted Execution Environment (TEE) to create a Privacy Cloud Platform that could process general-purpose computing with Turing-completeness.

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Conclusion

Well, as of this writing there is no recent news which could be the reason behind its good performance on Thursday. A few days ago, IPDN reported its financial results which could be the reason behind its recent surge.

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