Home Equities Score Why Aquabounty Technologies Inc (AQB) stock performed well on Friday?

Why Aquabounty Technologies Inc (AQB) stock performed well on Friday?

AquaBounty Technologies Inc. (AQB) shares surged 6.07% in after-market on Friday, May 28, 2021, and closed the week at $5.77 per share. Earlier, in the morning session on Friday, AQB’s stock gained 0.74% and closed at $5.44 per share. AQB shares have surged 100.74% over the last 12 months, and they have moved up 4.02% in the past week. Over the past three months, the stock has lost 25.17%, while over the past six months, it has added 30.77%.

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Let’s have a look at AQB recent developments.

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First purchase order for (GE) Atlantic salmon

On May 10, 2021, AquaBounty Technologies, Inc received the first purchase order for the planned harvest of 5 metric tons of its genetically engineered (GE) Atlantic salmon. The company is expecting first harvesting at the end of May from the Company’s Indiana farm and will ramp up production to its full capacity throughout the year.

Read More

GE Atlantic salmon has no competition because it is first and only approved by the U.S. Food and Drug Administration (FDA) and Health Canada.

Recent financial results announcement

On May 04, 2021, AquaBounty Technologies, Inc released its financial results for its fiscal first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • AquaBounty Technologies reported revenue of $74 thousand for the first quarter of 2021, as compared to $7 thousand for the first quarter of 2020.
  • Operating expenses were $4.2 million in Q1 2021 compared to $3.1 million in the same period of the prior year.
  • The company suffered a net loss of $4.2 million in the first quarter of 2021, compared to $3.1million in the first quarter of 2020.
  • Basic and diluted net loss per share was $0.06 in Q1 2021 compared to $0.11 net loss in Q1 2020.
  • As of March 31, 2021, AquaBounty had cash, cash equivalents, and restricted cash of $211.4 million. 

New director of sales appointment

On April 06, 2021, AquaBounty Technologies, Inc hired Dennis Bryant as its new Director of Sales. Bryant will be responsible for sales initiatives which include all aspects of building and servicing its growing customer partnerships.

Q4 & FY-2020 financial results announcement

OnMarch 09, 2021, AquaBounty Technologies, Inc released its financial results for the fourth quarter and full-year ended December 31, 2020.

Q4 2020 financial highlights

  • AquaBounty Technologies earned a revenue of $50,197 in Q4 2020 compared to $46,367 in Q4 2019.
  • In Q4 2020, operating expenses were $6.1 million, compared to $3.5 million in Q4 2019.
  • The company suffered a net loss of $6.1 million in Q4 2020 compared to 3.4 million of loss in Q4 2019.
  • As of December 31, 2020, the company had cash, cash equivalents and restricted cash totaled $96.2 million.

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Conclusion

As of this writing, there is no latest news or development which could be the reason behind its good performance on Friday, we hope that AQB will commence the new week with positivity.

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