Gulf Island Fabrication (GIFI) Stock Is Up 45% YTD: Will The Rally Continue?

Well known steel fabrication firm Gulf Island Fabrication Inc (NASDAQ:GIFI), which primarily works with clients in the energy and industrial sectors, has seen its stock perform strongly so far this year.

The Gulf Island stock has clocked gains of 45% so far this year and it might be a good move for investors to take a look at its financial results for the first fiscal quarter. In the first quarter, the company managed to bring in revenues of $59 million, which worked out to a jump of as much as 25% year on year.

On the other hand, the total net loss for the quarter stood at $18.6 million, which also included $23.4 million in the form of transaction and impairment costs. At the end of the quarter that ended on March 31, 2021, Gulf Island reported cash and short term investments to the tune of $51 million. It remains to be seen if the stock can continue to add to its gains in the coming days. 

Market Reaction:

On Thursday, GIFI stock down by 1.63% to $4.53 with more than 17K shares, compared to  its average volume of 65K shares. The stock has moved within a range of $4.5199 – 4.6133 after opening the trade at $4.59. Over the past 52-week, the stock has been trading within a range of $2.7300 – 5.3000.

Moving Averages

+/- EMA(20)4.77 (-5.03%)
+/- SMA(50)4.51 (+0.44%)
+/- SMA(200)3.70 (+22.43%)

Pivot Points

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