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Highlights
- The stock value of IronNet Cybersecurity, Inc. (NYSE:IRNT) increased by 209.54% YTD.
- IRNT expects full-year revenue to be between US$43 Mn and US$45 Mn for FY22.
- The stocks of Sphere 3D Corp. (NASDAQ:ANY) increased by 359.38% YTD.
Stocks of IronNet Cybersecurity, Inc. (NYSE:IRNT) and Sphere 3D Corp. (NASDAQ:ANY) were drawing investors’ attention on Wall Street Thursday.
IRNT stock was up 45.04 percent to US$46.60, while ANY stock declined 3.54 percent to US$7.09 from their previous closing prices in the premarket session on Sep 16.
Let’s look at some of the recent development of the companies.
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IronNet Cybersecurity, Inc. (NYSE:IRNT)
IronNet is a cybersecurity company based in McLean, Virginia. The company provides a platform to detect suspicious or malware activities on computer networks.
Since the company reported its Q2 FY22 earnings on September 14, the IRNT stock has been among the most
IronNet’s revenue declined from US$7.9 million in Q2, FY21, to US$6.1 million in Q2, FY22.
Its subscription revenue was US$5.8 million against US$5.3 million in the year-ago quarter.
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The operating loss rose from US$14.2 million in Q2, FY21, to US$17.0 million in Q2, FY22. The net loss was US$17.2 million against US$14.3 million in the prior year's Q2.
The company’s cash and cash equivalents were US$14.1 million at the end of the quarter.
IronNet expects its full-year revenue to be between US$43 million and US$45 million in FY22.
Its market cap is US$2.71 billion, and the forward P/E one year is -60.62.
The stock jumped 209.54 percent YTD.
IronNet’s 52-week highest and lowest stock prices were US$32.72 and US$9.37, respectively.
Its trading volume was 57,260,820 on September 15.
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Sphere 3D Corp. (NASDAQ:ANY)
Sphere 3D is a software development company based in Toronto, Canada. The company provides data management, cloud-based services, and other related solutions.
The stock jumped about 26 percent on Wednesday after Gryphon Digital Mining, with whom it is planning to merge, announced receiving machines for Bitcoin mining. The company said that it received 7,200 S19j Pro Antminers, and it will continue to receive 600 machines per month.
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Sphere 3D has a US$432.24 million market capitalization. Its EPS is US$-0.80.
The ANY stock jumped 359.38 percent YTD. The 52-week highest and lowest stock prices were US$11.98 and US$1.23, respectively. The trading volume on September 15 was 102,244,300.
Sphere 3D’s Q2, FY21 revenue remained the same as in Q2, FY20 at US$0.9 million. It reported a net loss of US$2.88 million against US$1.94 million in the year-ago quarter.
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Bottomline
The cybersecurity companies received a massive boost from the Biden administration after it announced policy support in the light of increased online hacking threats to the US economy. In recent months, several US companies suffered cyber-attacks from foreign-based criminals.
Analysts believe the recent technology breakthroughs are giving impetus to the sector. For instance, the S&P 500 information technology sector grew 20.80 percent YTD, further underscoring the technology companies’ rapid strides. However, investors must carefully evaluate the companies before investing in stocks.
