HomeEquities ScoreWhy Safe-T Group Ltd (SFET) recovered its early loss in the after-hours...

Why Safe-T Group Ltd (SFET) recovered its early loss in the after-hours on Wednesday?

Safe-T Group Ltd (SFET) shares jumped 3.79% in after-hours on Wednesday, December 29, 2021, and closed the daily trading at $0.74. However, in the regular trading session, SFET’s stock lost 3.01%. SFET shares have fallen 48.33% over the last 12 months, and they have moved down 13.15% in the past week. Over the past three months, the stock has lost 35.77%, while over the past six months, it has declined 52.15%.

Let’s see what’s going on recently with the company?


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Recognition for SFET subsidiary

On December 21, 2021, Safe-T® Group Ltd. (SFET) announced that its wholly-owned subsidiary, Safe-T Data A.R Ltd., has been recognized as a Representative Vendor in Gartner’s December 2021 report titled, “Market Guide for User Authentication”.

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Safe-T ZoneZero® is the first Identity-Based Zero Trust Orchestration solution, which provides centralized Identity-based Zero Trust Security and Multi-Factor Authentication, for all users.

SFET management shares purchasing

Safe-T Group Ltd. (SFET) senior management, including its Chief Executive Officer and Chief Financial Officer, as well as its Chairman of the Board, completed open market stock purchases as an expression of their long-term confidence in the Company. A total of 180,000 shares were purchased during the trading window, between December 7 and December 13, 2021.

SFET settlement with Bright Data

On December 14, 2021, Safe-T Group Ltd. (SFET), announced that NetNut Ltd., Safe-T Group’s enterprise privacy solutions subsidiary unit entered into a settlement agreement with Bright Data Ltd. agreeing to terminate the patent infringement action Bright Data initiated against NetNut on June 11, 2020, in the United States District Court for the Eastern District of Texas, Marshall Division.

According to the settlement, the case was dismissed with no monetary payment from NetNut to Bright Data and with no effect on NetNut’s ongoing services for customers. The U.S. Patent and Trademark Office has granted NetNut’s Ex Parte Reexamination requests on these two patents and has preliminarily rejected all the claims asserted against NetNut.

SFET deployed its ZoneZero solution

On December 06, 2021, Safe-T Group Ltd. (SFET) successfully deployed its ZoneZero® ZTNA solution with several customers in India and South-East Asia. The deployments include multi-year service and support contracts.

SFET latest financial results

On November 30, 2021, Safe-T Group Ltd. (SFET) reported record financial results for the three and nine-month periods ended September 30, 2021.

Q3 2021 financial highlights

  • SFETreported record revenue of $3,377,000 in Q3 2021 compared to $1,426,000 reported in Q3 2020.
  • Cost of revenues in Q3 2021 was $1,594,000 compared to $567,000 in Q3 2020.
  • In Q3 2021, gross profit was 1,783,000 compared to $859,000 reported in the same period in 2020.
  • It suffered a net loss of $3,723,000, or $0.12basic loss per ordinary share in Q3 2021 compared to a net loss of $1,292,000, or $0.08 basic loss per ordinary share in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents and short-term investments balances of $12,947,000.

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Conclusion

Well, there is no recent development behind its mixed performance on Wednesday, we hope that it will continue its positivity in the coming trading sessions.

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