Glory Star New Media Group Holdings Limited (GSMG) shares surged 7.35% in after-hours on Friday, August 20, 2021, and closed the weekly trading at $1.46. However, in the regular trading session on Friday, GSMG’s stock lost 15.53%. GSMG shares have fallen 61.90% over the last 12 months, and they have moved down 24.00% in the past week. Over the past three months, the stock has lost 62.64%, while over the past six months, it has declined 62.84%.
Let’s have a look at its recent news and developments.
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GSMG expecting further profitability
On August 20, 2021, Glory Star New Media Group Holdings Limited (GSMG) announced that it would be able to further increase its profitability with its growing market share and economy of scale. The recent development is based on its recent financial results which we will discuss below.
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GSMG recent financial results announcement
On August 19, 2021, Glory Star New Media Group Holdings Limited (GSMG) announced its unaudited financial results for the first half-year of 2021 ended June 30, 2021.
First half 2021 financial highlights
- GSMG reported total revenue of $71.9 million for the first six months of 2021 compared to $29.4 million in the same period of 2020.
- Total operating expenses were $55.7 million in the first half-year of 2021 compared to $17.9 million in the same period of 2020.
- Its GAAP-operating income reached $16.2 million in the first six months of 2021 compared to US$11.5 million in the first half of 2020.
- Net income was $16.9 million in the first six months of 2021 compared to $30.2 million in the same period in 2020.
- Basic and diluted earnings per share in the first half-year of 2021 were $0.27and US$0.27, respectively, compared to $0.60 and $0.59, in the same period of 2020.
Dongxing Securities research coverage for GSMG
On July 27, 2021, Glory Star New Media Group Holdings Limited (GSMG) announced that Dongxing Securities (Hong Kong) has initiated research coverage of Glory Star with the price to sales ratio of 2.21, a corresponding price target of US$6.05 per share, and a rational valuation of US$409 million.
Highest TRP for GSMG TV show
On July 14, 2021, Glory Star New Media Group Holdings Limited said that its flagship variety program “Star Makeover” has continuously ranked in the top 10 for late-night shows in China for 10 consecutive weeks since the Show’s premiere on May 5, 2021. Since premiering, the Show’s ratings have skyrocketed and the Show has also continued to maintain top ratings for mainstream TV programs in China.
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Conclusion
GSMG stock surged on Friday after-hours after the news that the company is expecting more profit margins in the remaining half of 2021. Let’s see how it commence the new week on Monday?
 shares lost 15.53% but later gained 5.88% in after-hours on Friday & closed at $1.44.){kind=link}