HomeTop MoversWhy LM Funding America Inc. (LMFA) stock is surging since Thursday’s after-hours?

Why LM Funding America Inc. (LMFA) stock is surging since Thursday’s after-hours?

LM Funding America Inc (LMFA) shares are surging in the pre-market on Friday, October 15, 2021. As of this writing, LMFA shares have gained 38.66% and are trading at $4.77 per share. Yesterday it soared 56.98% in after-hours and closed the Thursday trading at $5.40. However, in the regular trading session of Thursday, LMFA’s stock lost 14.64%. LMFA shares have risen 4.24% over the last 12 months, and they have moved down 26.18% in the past week. Over the past three months, the stock has lost 8.75%, while over the past six months, it has declined 35.09%.

Let’s have a brief look at its recent news and development.


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LMFA expansion of Cryptocurrency Mining Business

On October 06, 2021, LM Funding America, Inc. (LMFA) further expanded its cryptocurrency mining operations with the purchase of an additional 4,000 S19J Pro Antminer Machines (S19J) (100 TH/s) from Bitmain for a total purchase price of $25.3 million. Previously, the Company announced the purchase of 1,000 Bitmain Miner Machines for a total purchase price of $6.3 million.

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Earlier on September 15, 2021, LM Funding America, Inc. (LMFA) launched a cryptocurrency mining business, by purchasing 1,000 S19J Pro Miner Machines (S19J) (100 TH/s) from Bitmain for a total purchase price of $6.3 million. The S19J is a high efficiency, high hash rate machine mining SHA-256 algorithm produced by Bitmain that generates a maximum hash rate of 100 TH/s and has a power consumption of 3,000 W.

LMFA recent financial results

On August 16, 2021, LM Funding America, Inc (LMFA) announced its financial results for the three and six months ended June 30, 2021.

Q2 2021 financial highlights

  • LMFA reported total revenue of $328.38 million in Q2 2021 compared to $342.54 million in Q2 2020.
  • The total operating expenses were $641.62 million in Q2 2021 compared to $774.7 million in Q2 2020.
  • It suffered a net loss of $11.3 million in Q2 2021 compared to a net loss of $0.43 million in Q2 2020.
  • Net loss per basic and diluted share was $2.05 in Q2 2021 compared to a net loss of $0.56 per basic and diluted share in Q2 2020.

Custodian Ventures acquired 5.2% Ownership in LMFA

On July 29, 2021, Custodian Ventures LLC filed a Schedule 13D to acquire approximately 5.2% of the common stock outstanding of LM Funding America, Inc. (LMFA).

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Conclusion

Well, as of this writing, there is no recent news or development which could be linked with its recent surge since yesterday evening. We can expect it to further rise in the coming trading sessions.

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