HomeTrending StocksWhy IT Tech Packaging Inc. (ITP) Stock went down in the after-markets...

Why IT Tech Packaging Inc. (ITP) Stock went down in the after-markets on Wednesday?

IT Tech Packaging Inc. (ITP) shares declined 5.73% in after-hours on Wednesday, November 24, 2021, and closed the daily trading at $0.32. However, in the regular trading on Wednesday, ITP’s stock gained 1.19%. ITP shares have fallen 49.45% over the last 12 months, and they have moved down 8.19% in the past week. Over the past three months, the stock has lost 16.23%, while over the past six months, it has declined 28.67%.

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


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ITP Annual General Meeting of Stockholders

IT Tech Packaging, Inc. (ITP) announced the results of the Company’s 2021 Annual General Meeting of Stockholders which was held at the Company’s production base in Wei County, Hebei Province, China. at 10:00 a.m., Beijing Time, on Friday, November 12, 2021.

  • The shareholder elected two Class I directors to serve on the Board of Directors of the Company.
  • Approved the adoption of the IT Tech Packing, Inc. 2021 Omnibus Equity Incentive Plan.
  • The appointment of WWC, P.C. Certified Public Accountants as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021, was also approved.

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ITP latest financial results

On November 10, 2021, IT Tech Packaging, Inc. (ITP) announced its unaudited financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • ITP reported total revenue of $45.09 million in Q3 2021 compared to $33.36 million in Q3 2020.
  • The total cost of sales was $43.27 million for the third quarter of 2021 compared to $30.79 million for the same period of last year.
  • The gross profit was $1.82 million in Q3 2021 compared to $2.57 million in Q3 2020.
  • Selling, general and administrative expenses were $2.02 million for the third quarter of 2021, compared to $2.39 million for the same period of last year.
  • It earned a net income of $1.54 million or basic and diluted income per share of $0.03 in Q3 2021 compared to a net loss of $0.52 million or basic and diluted loss per share of $0.02 in Q3 2020.
  • EBITDA was $5.32 million in Q3 2021 compared to $3.60 million in Q3 2020.
  • As of September 30, 2021, the Company had cash and bank balances of $26.58 million, short-term debt of $4.52 million, and long-term debt of $4.52 million.

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Conclusion

Well, as of this writing, we have no reason to justify its mixed performance on Wednesday. let’s see how it commences trading on Black Friday after the Thanksgiving holiday?

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