HomeTop MoversWhy Markforged Holding Corporation (MKFG) stock plummeted in the after-markets on Thursday?

Why Markforged Holding Corporation (MKFG) stock plummeted in the after-markets on Thursday?

Markforged Holding Corporation (MKFG) shares plummeted 6.06% in after-hours on Thursday, December 23, 2021, and closed the weekly trading at $5.12. However, in the regular trading session of Thursday, MKFG’s stock gained 4.81%. MKFG shares have fallen 48.73% over the last 12 months, and they have moved up 8.35% in the past week. Over the past three months, the stock has lost 27.14%, while over the past six months, it has declined 45.61%.

Let’s have a look at its recent news.


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MKFG new global corporate headquarters

On December 22, 2021, Markforged (MKFG), revealed its plans to relocate its global headquarters to Waltham, Mass. The new corporate headquarters will unite Markforged employees who have been working from two different facilities in Watertown in one location at 60 Tower Road, and Markforged will nearly double its footprint to enable further growth.

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The new headquarter consist of four floors with 120,000 square feet covered area and can accommodate over 500 team members with an expansive 5,000 square foot roof deck, high windows with natural light, and an interactive product showroom that will create a collaborative environment for Markforged employees and is within walking distance of local restaurants and shops.

MKFG latest financial results

On November 16, 2021, Markforged Holding Corporation (MKFG), reported its financial results from the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • MKFG revenue was $24.0 million, in the third quarter of 2021 compared to $15.6 million in the third quarter of 2020.
  • The cost of revenue was $10.3 million in Q3 2021 compared to $6.32 million in Q3 2020.
  • In Q3 2021, gross profit was $13.7 million compared to $9.3 million in the third quarter of 2020.
  • Total operating expenses were $36.09 million in Q3 2021 compared to $12.9 million in Q3 2020.
  • It earned a net income of $21.7 million in the third quarter of 2021, compared to a net loss of $3.7 million in the third quarter of 2020.
  • Adjusted EBITDA was negative $11.6 million in the third quarter of 2021, compared to negative $2.6 million in the third quarter of 2020.

MKFG FX20 printer

On October 26, 2021, Markforged (MKFG) is advancing its position as a leader in point-of-need production of industrial-strength end-use parts with the new FX20 printer. The new device prints the flame-retardant, high-performance thermoplastic material with ULTEM™ 9085 filament in combination with Markforged’s propriety Continuous Fiber Reinforcement printing technology for high-strength, heat resistant, and higher performance parts that can meet the needs of the most demanding industries such as aerospace, defense, automotive, and oil & gas.

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Conclusion

The relocation of its new headquarter was positive news and hence its stock went up in regular trading on Thursday but its plummeting in the after-hours session had no reason. We hope that it will return towards positivity on Monday after the long weekend.

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