HomeTop MoversHere is why GreenSky Inc. (GSKY) shares went up on Friday?

Here is why GreenSky Inc. (GSKY) shares went up on Friday?

GreenSky Inc. (GSKY) shares were jumped 5.63% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $6.94 per share. in the regular trading session on Friday, GSKY’s stock gained 4.62%. The stock volume remained 0.87 million shares, which was higher than the average daily volume of 0.46 million shares within the past 50 days. GSKY shares have risen 18.38% over the last 12 months, and they have moved up 10.61% in the past week. Over the past three months, the stock has gained 7.88%, while over the past six months, it has declined 33.27%.

Let’s see what are the latest news about GSKY?


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GSKY Stock recent financial results announcement

On July 28, 2021, GreenSky, Inc (GSKY) reported financial results for the second quarter ended June 30, 2021.

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Q2 2021 financial highlights

  • GSKY reported revenue of $136.5 million in Q2 2021 compared to $133.0 million during Q2 2020.
  • In Q2 2021, total cost and expenses were $79.32 million compared to $113.3 million in Q2 2020.
  • The company earned a net income of $46.7 million or diluted earnings per share of $0.22 compared to net income of $13.4 million or diluted earnings per share of $0.06 for the same period of 2020.
  • Adjusted EBITDA was $60.8 million in Q2 2021 compared to $39.8 million in the second quarter in 2020.

GSKY Stock Updated 2021 Financial outlook

For FY 2021, GSKY is now expecting

  • Revenue to be in the range of $520 million to $540 million
  • Net Income in the range of $100 million to $110 million.
  • Adjusted EBITDA in the range of $160 million to $175 million.

GSKY dispute settlement with CFPB

On July 12, 2021, GreenSky, Inc (GSKY) entered into an agreement with the Consumer Financial Protection Bureau (CFPB) to resolve the previously disclosed inquiry related to consumer complaints about certain allegedly unauthorized loans. GreenSky has agreed to pay a civil money penalty of $2.5 million and to provide redress to eligible consumers where there is insufficient evidence of customer authorization, without admitting any liability or wrongdoing.

EGIA agreement with GSKY Stock

On July 06, 2021, GreenSky, Inc and the Electric & Gas Industries Association jointly announced a multi-year expansion of their existing relationship. GreenSky now has become EGIA’s exclusive first-look financing provider for its network of tens of thousands of contractors. Since its inception, EGIA’s financing program has facilitated over $4.5 billion of commerce.

New Appointment

On June 24, 2021, GreenSky, Inc. (GSKY) appointed Ritesh Gupta as Executive Vice President and Chief Operating Officer. Mr. Gupta who joined GreenSky as Executive Vice President of Operations transitioned into the newly created executive role from July 1, 2021.

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Conclusion

The GSKY financial results could be the reason behind its recent surge on Friday. Let’s see how it commence the trading in the new week on Monday?

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