HomeEquities ScoreWhy did Charles & Colvard Ltd. (CTHR) stock could not hold on...

Why did Charles & Colvard Ltd. (CTHR) stock could not hold on to its gains in the after-hours on Thursday?

Charles & Colvard Ltd. (CTHR) stock declined 2.48% in after-hours on Thursday, September 02, 2021, and closed the daily trading at $3.15. However, in the regular trading session of Thursday, CTHR’s stock gained 7.31%. CTHR shares have risen 364.68% over the last 12 months, and they have moved up 14.54% in the past week. Over the past three months, the stock has gained 17.88%, while over the past six months, it has soared 42.92%.

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


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CTHR Stock latest financial results announcement

On September 2, 2021, Charles & Colvard, Ltd (CTHR) reported financial results for the fourth quarter and full fiscal year ended June 30, 2021.

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Q4 2021 financial highlights

  • CTHR reported net sales of $9.7 million in Q4 2021compared to $4.4 million in Q4 2020.
  • In Q4 2021, operating expenses were $3.3 million for the quarter, compared to $2.8 million in the year-ago quarter.
  • It reported a net income of $8.4 million, or $0.27earnings per diluted share for Q4 2021 compared to a net loss of $1.0 million, or $0.04 loss per diluted share in Q4 2020.

FY 2021 financial highlights

  • CTHR reported net sales of $39.2 million for FY 2021 compared to net sales of $29.2 million for FY 2020.
  • For FY 21, operating expenses were 9 million compared to$14.3 million in FY 2020.
  • It reported a net income of $12.8 million, or $0.42earnings per diluted share in FY 2021 compared to a net loss of $6.2 million, or $0.22 loss per diluted share in FY 2020.
  • As of June 30, 2021, the company had cash, cash equivalents and restricted cash totalled $21.4 million compared to $14.6 million as of June 30, 2020.

CTHR partnership with JPMorgan Chase

On July 13, 2021, Charles & Colvard Ltd (CTHR) announced its new strategic commercial banking relationship with JPMorgan Chase Bank, N.A., which includes entering into a $5 million credit facility, executed on July 12, 2021.

The company terminated its prior credit facility with White Oak Commercial Finance, effective July 9, 2021. This broad-ranging banking relationship provides a foundation for the Company to solidify its financial objectives and a basis to expand its financial capabilities going forward.

CTHR Stock induction on Russell Microcap® Index

Charles & Colvard, Ltd (CTHR) was added to the Russell Microcap® Index, effective after the US market opened on June 28, 2021, as a part of the Russell indexes annual reconstitution.

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Conclusion

The recent financial results met the analyst’s estimates but CTHR shares still went down which is a bit strange. We can expect it to return towards positivity in the coming trading session on Friday.

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