- Ever-Glory stock jumped over 160%, while Marin Software plunged 15% on Monday morning.
- Ever-Glory will repurchase up to US$5 million of its outstanding common stock.
- Marin Software’s second-quarter revenues fell 16 percent year over year.
Ever-Glory International Group, Inc. (NASDAQ: EVK) stock rallied over 160 percent, while Marin Software Incorporated (NASDAQ: MRIN)’s shares plunged 15 percent on Monday’s morning trade.
The shares of apparel retailer Ever-Glory rallied following the company’s share repurchase program and online advertising company Marin Software’s stock fell after it reported a 16 percent year-over-year decline in second-quarter net revenues.
Ever-Glory International Group, Inc. (NASDAQ: EVK)
This China-based company sells branded apparel and provides global apparel supply chain solutions. Ever-Glory’s woman apparel brands include La go go, Velwin and idole.
On August 1, Ever-Glory said its board authorized a stock buyback program. The company plans to repurchase up to US$5 million of its outstanding common stock before the end of this year.
Ever-Glory generated US$70.8 million in sales during its March quarter, up 21.4 percent year over year. Its retail business grew 32 percent while wholesale business increased 4.2 percent.
The company narrowed its net loss in the three months period to US$1.2 million, or 8 cents per share, from US$2.7 million, or 18 cents per share, in the first quarter of 2020.
Ever-Glory has a market cap of US$87.8 million and has 14.81 million outstanding shares. Its stock returned 75 percent year to date. The share price was in the range of 80 cents to US$8.30 in the last 52 weeks.
As of 10:54 am ET, Ever-Glory stock was trading at US$5.91, up 161.51 percent.
Marin Software Incorporated (NASDAQ: MRIN)
The San Francisco-based company is a digital marketing software provider. In its second quarter ended June 30, Marin Software’s net revenues declined to US$6.1 million from US$7.3 million reported in the second quarter of the previous year.
GAAP loss from operations was reduced to US$3 million from US$4.5 million in the year-ago period while non-GAAP loss from operations narrowed to US$2.8 million from US$3.6 million.
The company had projected the second-quarter revenues in the range of US$5.5 million to US$6 million and loss from operations between US$2.9 million to US$3.4 million, on a non-GAAP basis.
For the third quarter, Marin Software expects revenues to come in the range of US$5.5 million to US$6 million. Loss from operations is forecasted between US$3.3 million and US$2.8 million.
Marin Software currently has a market cap of US$94.5 million. The stock gained 242 percent this year. Its shares were trading between US$1.14 and US$27.26 in the 52-week period.
As of 10:54 am ET, Marin Software’s shares declined 14.49 percent to US$7.08.
Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
The reference data in this article has been partly sourced from Refinitiv.