Why Reliance Global Group Inc. (RELI) Stock could not hold on to its early gains in the after-hours on Wednesday?

Reliance Global Group Inc. (RELI) shares plunged 8.49% in after-hours on Wednesday, November 24, 2021, and closed the Wednesday trading at $2.37. However, in the regular trading session of Wednesday, RELI’s stock gained 7.02%. RELI shares have fallen 58.09% over the last 12 months, and they have moved up 16.67% in the past week. Over the past three months, the stock has lost 9.76%, while over the past six months, it has declined 32.38%.

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

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RELI recent corporate update

On November 22, 2021, Reliance Global Group, Inc. (RELI; RELIW), promoted Jonathan Fortman from Chief Operating Officer of Reliance Global Group’s subsidiary, Fortman Insurance Services, to Vice President of Acquisitions for Reliance Global Group, where he reports directly to Mr. Ezra Beyman, Chairman and CEO.

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RELI Launched 5MinuteInsure.com

On November 18, 2021, Reliance Global Group, Inc. successfully launched 5MinuteInsure.com in South Carolina. Earlier, RELI launched 5MinuteInsure.com in North Carolina and Virginia. The company has expanded its coverage to 7 states and rollout is advancing very rapidly.

5MinuteInsure.com is a platform developed by Reliance Global, using artificial intelligence and data mining that provides an easy and efficient way to shop and buy insurance. The customer can get competitive insurance quotes in under 2 minutes with the ability to bind coverage within 5 minutes.

RELI latest financial results

On November 10, 2021, Reliance Global Group, Inc. (RELI; RELIW) reported financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • RELI reported total revenue of $2,581,636 for Q3 2021 compared to $1,680,043 in Q3 2020.
  • General and administrative expenses were $755,130 in Q3 2021 compared to $1,116,907 in Q3 2020.
  • Total operating expenses were $ 3,056,844 in Q3 2021 compared to $ 2,772,213 in Q3 2020.
  • It suffered a net loss of $595,233, or $0.05 per share in Q3 2021 compared to a net loss of $1,231,567 or $0.30 per share in Q3 2020.
  • EBITDA was negative $87,479 in Q3 2021 compared to negative $ 747,282 in Q3 2020.

RELI participation in the recent conference

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) recently participated at the Dawson James Securities Small Cap Growth Conference which was held on October 21, 2021. Ezra Beyman, Chairman and CEO of Reliance Global Group presented the company during the event and had one-on-one meetings with qualified investors throughout the conference.

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Well, we have one recent news but we don’t think so that it could be the reason behind its early surge or later loss in the after-hours on Wednesday. Let’s see how it performs on Friday?

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