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Thursday, September 23, 2021

Why shares of GigaMedia Limited (GIGM) Stock are soaring in pre-market trading?

Shares of GigaMedia Limited (GIGM) stock were soaring the pre-market trading. GIGM stock saw a jump of 52.56% in Friday’s pre-market to reach $5.37 a share at the time of this writing. GIGM stock was higher by 7.98% in the previous closing. There is nothing particular to explain this rally.


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What’s happening?

Even though there was no particular news by the company, no press release, no earnings report, no analyst upgrades or upside targeted share price, and no Reddit rally to explain the rise, GIGM stock was gaining on Friday’s pre-market. This behavior is spreading curiosity among Investors as they are eager to know the culprit behind this rise.

GIGM’s fourth-quarter earnings report is expected to release on 5th April 2021.in the third quarter of 2020, GigaMedia generated $2.03 million in revenue which is higher than 11.1% as compared to the previous quarter and 6.3% as compared to the same tenure of the previous year. The company’s gross profit reached $1.20 million and reflected a 59.0% quarterly improvement. The company bore a $0.36 million loss as compared to a $0.55 million loss in the second quarter of 2020.

Here is what you need to know about GigaMedia Limited.

  • GigaMedia Limited is the provider of digital entertainment and cloud services in Hong Kong and Taiwan.
  • The company offers browser and mobile-based games through its branded portal known as Funtown.
  • For cloud services, the company possess a GigaCloud platform through which it provides cloud services to small and medium sizes enterprises.
  • Cheng-Ming Huang is the CEO of the company who owns 1,073,566 shares of the company.
  • The company was founded in 1998 and headquartered in Taipei, Taiwan.

Conclusion:

Considering the bullish sentiment, things are favorable for GIGM stock without any specific reason, but one must know the fact that the stock market is unpredictable. Hence it is good practice for investors to do a search before taking any decision.

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