The fintech sector has grown at a breakneck pace over the past half a decade or so and investors are nowadays almost always on the lookout for stocks from that sector.
One of the stocks that you could track today is that of Peak Fintech Group Inc (OTCMKTS:PKKFF), which has managed to clock gains of 30% over the course of the past week. The company, which is primarily involved in the commercial lending sector in China, provided its projections for its revenues as well as EBITDA and earnings for from 2021 through to 2023 earlier on in the month.
Johnson Joseph, who is the Chief Executive Officer of the company, stated that although Peak Fintech Group is still at an early stage of its development, he expects the company to turn a profit in 2021. He went on to state that revenues are going to rise by more than 100% year on year and the trend is going to be in place for the following three years. During the same period, Joseph expects the EBITDA margins to soar to 25% from 12%. The bullish projections seem to have made investors quite optimistic about the prospects of the company.
Market Reaction:
On Tuesday, PKKFF stock fell 3.30% at $2.05 with more than 986k shares, compared to its average volume of 256k shares. The stock had moved within a range of $ 1.9800 – 2.2700 after opening the trade at $2.21. Over the past 52-week, the stock has been trading within a range of $0.1250 – 2.5700.
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