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Stocks of mobile banking firm Cuentas Inc (CUEN:US, NASDAQ:CUEN) expanded by about 211 per cent at opening bell on Wednesday, June 30. Within an hour of trading, it reflected a trading volume of 78 million shares.
The surge came after the fintech firm announced its partnership with WiFi-5G sharing company WaveMax's SharedFi to provide WiFi services in the New York City-Tristate region.
The Miami-headquartered firm is expected to install a secured WiFi network in 175 locations for initial testing. If its beta program turns out to be successful, it plans to expand its services to nearly 1,000 points.
The company expects that SharedFi high-speed internet data will improve its user experience by connecting them to WiFi by default.
In the first quarter of 2021, Cuentas announced that it is building its networks to enhance consumer services through Western Union, Black Wireless, Mango Mobile, CITI (Mexico) Bill Pay to transfer remittances.
Let us check out this fintech stock’s fundamentals and price performance.
Cuentas Inc. (NASDAQ:CUEN)
The mobile banking stock has gained more than 249 per cent in the last one week, surpassing the NASDAQ Composite Index that improved by 17 per cent relatively.
The stock price has fluctuated to almost US$ 9 apiece. As per Tuesday’s close of US$ 2.78, the stock was down nearly 38 per cent against its 200-day simple moving average, representing a long-term bearish movement.
Despite the recent frenzied buying, the stock is still 27 per cent down from its one-year high of US$ 10.44 apiece (August 30, 2021).
Cuentas’ one-year stock performance against moving average multiple and volume. (Chart Source: Refinitiv)
CUEN stock has a 10-day volume of 325,715 shares, up almost 250 per cent against its 50-day volume of 124,655 shares. Its price trajectory was crawling well below its multiple moving average as of June 29, indicating an overall downtrend pattern.
In the first quarter of 2021, the company held US$ 6.48 million as balance in hand against US$ 0.22 million at the end of 2020. Cuentas reported total assets worth US$ 13.5 million for the same quarter, up against US$ 7.5 million at end of the previous year.
The company reduced its liabilities by almost half to US$ 3.3 million in Q1 2021 against US$ 6.48 million in Q4 2020. Its top line was US$ 225,000 in Q1 2021 versus US$ 134,000 in Q1 2020.
Please note: The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from Refinitiv.
