HomeFinancial MarketsHere is why Duck Creek Technologies Inc (DCT) stock went down in...

Here is why Duck Creek Technologies Inc (DCT) stock went down in the after-hours on Thursday?

Duck Creek Technologies Inc. (DCT) shares declined 11.96% in after-hours on Thursday, October 14, 2021, and closed the daily trading at $40.70. In the regular trading session, DCT’s stock gained 1.40%. DCT shares have risen 7.94% over the last 12 months, and they have moved up 4.62% in the past week. Over the past three months, the stock has gained 7.26%, while over the past six months, it has shed 3.08%.

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


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DCT recent financial results

On October 14, 2021, Duck Creek Technologies (DCT), announced its financial results for the fourth quarter and fiscal year ended August 31, 2021.

Q4 2021 financial highlights

  • DCT reported total revenue of $70.9 million in Q4 2021 compared to $58.32 million in Q4 2020.
  • GAAP operating loss was $4.1 million in Q4 2021 compared to GAAP operating loss of $21.6 million in Q4 2020.
  • It suffered a GAAP net loss of $5.6 million in Q4 2021 compared to a GAAP net loss of $21.5 million in Q4 2020.
  • Adjusted EBITDA was $4.8 million inQ4 2021 compared to adjusted EBITDA of $3.0 million in Q4 2020.

Partnership with Safekeep

On October 12, 2021, Safekeep partnered with Duck Creek Technologies (DCT) to enhance the claims experience for insurers and policyholders alike. The collaboration will give insurers the ability to detect and score subrogation opportunities, as well as streamline the subrogation referral and investigation processes as early as the First Notice of Loss.

DCT management system selected by FCCI

On September 21, 2021, FCCI Insurance Group (FCCI) selected Duck Creek Technologies (DCT) Distribution Management to replace legacy distribution management systems and processes.

The business insurer will be implementing the software via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry.

DCT recognized as a Leader by Gartner®

On September 17, 2021, Duck Creek Technologies (DCT) was recognized as a Leader in the 2021 Gartner “Magic Quadrant for P&C Core Platforms, North America”, for the seventh consecutive time in which Duck Creek has been recognized as a Leader by Gartner®, a company that delivers actionable, objective insight to its executive and their teams.

AcordPay joined DCT

On September 15, 2021, AcordPay joined Duck Creek Technologies (DCT) Partner Ecosystem. An Anywhere Enabled Integration with ClearPay, now available on Duck Creek’s Content Exchange, enables insurers to receive premium payments and corresponding reconciliation data and to directly import this into Duck Creek Billing.

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Conclusion

Well, the recent financial results announcement could be the reason behind its after-hours loss on Thursday. let’s see how it end the weekly trading on Friday?

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