Why did Ebix Inc. (EBIX) stock plunge on Thursday?

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EBIX Stock
EBIX Stock

Ebix Inc. shares gained 0.20% in after-hours on Thursday, January 13, 2022, and closed the daily trading at $30.71. However, in the regular trading session, EBIX’s stock lost 14.39%. EBIX shares have fallen 29.23% over the last 12 months, and they have moved down 0.97% in the past week. Over the past three months, the stock has gained 3.34%, while over the past six months, it has gained 4.97%.

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


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EBIX won a long-term contract

On January 11, 2022, EbixCash Private Limited, a subsidiary of Ebix, Inc., was awarded the prestigious order to design, develop, build, install, maintain, operate and transfer the Intelligent Transport Management System (ITMS) for all the state buses run by the two Government-owned transport corporations, namely Calcutta State Transport Corporation (CSTC) and West Bengal Transport Corporation (WBSTC).

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The initial contract term is 7 years and EbixCash will implement the end-to-end on-demand bus automation system across a minimum of 1,500 buses in the state.

EBIX latest appointment

On January 10, 2022, EbixCash Private Limited, a subsidiary of Ebix, Inc. appointed Ms. Uma Shankar, as a new independent director to the EbixCash Board. Uma is a career banker, having retired as Executive Director at Reserve Bank of India (RBI), after serving RBI for 37 years.

EBIX Dividend declaration

On November 17, 2021, the board of directors of Ebix, Inc., declared a regular quarterly dividend of 7.5 cents per common share. The dividend was paid December 15, 2021, to shareholders of record at the close of business on December 1, 2021.

EBIX latest financial results

On November 09, 2021, Ebix, Inc. reported the financial results for the quarter ended September 30, 2021.

Q3 2021 financial highlights

  • Total revenue was $191.7 million for the third quarter of 2021 compared to $154.3 million in the third quarter of 2020.
  • Total operating expenses were $163.6 million compared to $122.4 million in Q3 2020.
  • It earned a GAAP net income of $15.5 million in Q3 2021 compared to $24.7 million in Q3 2020.
  • GAAP diluted earnings per share were $0.50 in Q3 2021 compared to $0.80 in Q3 2020.
  • The company ended Q3 2021 with cash and cash equivalents, restricted cash, and short-term investments of$109.8 million compared to $120.4 million at the end of Q3 2020.

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Conclusion

Well, EBIX plummeting on Thursday had no grounds. We were unable to find any negative development. Let’s see whether it can bounce back on Friday or not?

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