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CooTek (CTK) stock plunged in the premarket trading session; here’s why

In the premarket trading session, at last check, CooTek (Cayman) Inc. (CTK) stock had plunged by -3.88% to the price of $1.98. CTK stock previously closed the session at $2.06 losing -5.94%. The CTK stock volume traded 0.35 million shares, which was higher than the average monthly volume of 0.345 million shares within the past 3 months. In the past year, up-to-date CTK stock had plunged by -69.75%, and in the past week, they have dropped down by -2.83%. In the past three and six months, the CTK stock has shed -35.63% and -58.47% respectively. Furthermore, the company is currently valued in the market at $134.39 million and has 61.23 million outstanding shares.

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Here’s what you need to know about CooTek (Cayman)

CooTek (Cayman) Inc. is a software application company that specifically focuses on providing mobile Internet services. The company has the basis of its operations mainly in the United States and the People Republic of China. It also provides its services internationally. The company’s product offering includes an input method that supports approximately 110 languages for mobile devices which is its primary product known as TouchPalSmart Input. In the TouchPalseries the company also offers the phone book that is used by people in China is a contact and communication application known as TouchPal Phonebook for making calls, creating and saving contacts, and blocking spam call for free. The company also provides free online novels through its app called Crazy Reading Novel and at the same time has a fitness application. Furthermore, the company has created an app that reminds you to drink the right and appropriate amount of water on a daily basis known as Drinkwater reminder. For fitness, the company also has a free pedometer.

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Cayman has released the financial result of the first quarter 2021

The CTK stock announced on 3rd June 2021, that it has released the financial report of the first 3 months in 2021.

Net income was US$81.6 million, an abatement of 24% from US$107.0 million during a similar period a year ago because of the rebuilding of portfolio. Net benefit was US$72.7 million, a reduction of 29% from US$102.4 million during a similar period a year ago. Net revenue was 89.1%, contrasted and 95.7% during a similar period a year ago. The total deficit was US$12.4 million, contrasted with and net deficit of US$18.8 million last quarter, and a net deficit of US$9.7 million during a similar period a year ago. Adjusted net loss (Non-GAAP) was US$11.1 million, contrasted and changed total deficit (Non-GAAP) US$17.3 million last quarter, and changed total deficit (Non-GAAP) of US$8.8 million during a similar period a year ago. The Company’s Portfolio Products contributed roughly 99% of all total revenues from its three main categories. The company expects the total net revenue of US$83 million. The cash and cash equivalents of the company were US$56.1 million which was higher than US$49.6 million in fourth-quarter 2020.

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