Team Inc. (TISI) shares declined 5.76% in after-hours on Friday, September 03, 2021, and closed the weekly trading at $4.25. However, in the regular trading session of Friday, TISI’s stock gained 0.22%. TISI shares have fallen 28.18% over the last 12 months, and they have moved up 4.64% in the past week. Over the past three months, the stock has lost 46.56%, while over the past six months, it has slid down 63.60%.
Let’s discuss its recent news and developments.
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TISI removal from S&P SmallCap 600
WW International will replace Team Inc (TISI) in the S&P SmallCap 600. The Team has a market capitalization that is no longer representative of the small-cap market space. The changes will be effective before the open of trading on Monday, September 20, 2021, to coincide with the quarterly rebalance.
TISI made a new appointment
On August 9, 2021, Team, Inc (TISI) appointed Candice Koederitz to its Board of Directors.
Ms Koederitz has 30 years of work experience at Morgan Stanley in various leadership roles around the globe. Ms Koederitz served as Managing Director and Head of Capital from 2012 through 2016. Before that, she served as Managing Director and Global Head, Regulatory Implementation, Managing Director and Global Head, Franchise Risk for Capital Markets and other leadership roles, from 2001 through 2012.
TISI latest financial results announcement
On August 3, 2021, Team, Inc (TISI) reported its financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- TISI reported revenue of $238.9 million in Q2 2021 compared to $189.3 million in Q2 2020.
- It suffered a consolidated net loss of $17.5 million or$0.57 loss per diluted share in Q2 2021 compared to a loss of $13.5 million or $0.44 loss per diluted share in Q2 2020.
- Consolidated Adjusted EBITDA was $9.1 million for the second quarter of 2021 compared to $12.7 million for the second quarter of 2020.
- As of June 30, 2021, the company had cash and cash equivalents totalled $18.4 million.
TISI new Isolation Technology
On August 3, 2021, Team, Inc (TISI) announced the commercial launch of its proprietary double block and bleed SmartStop™ Isolation Technology.
TEAM’s new SmartStop technology is raising safety and productivity standards to new levels for hot tapping and line intervention applications. It features a self-energizing, dual seal system within a single standard line stop fitting, reducing the number of pipe alterations required to safely perform a double block and bleed isolation.
TISI Credosoft Integrity Management
On August 2, 2021, Team, Inc (TISI) entered into an agreement to be the exclusive provider of the Credosoft Integrity Management Platform in North America.
The recent news about its removal from S&P SmallCap 600 could be the reason behind its loss in the after-hours on Friday and it can further decline on Tuesday, after the long weekend.