Moving iMage Technologies Stock (MITQ) Surges 55% on a New Contract
Moving iMage Technologies (MITQ) stock rocketed higher on Friday after the digital cinema company announced a $9 million contract. This will have it sell and install 150 Barco laser projectors and accessories over the next three years.
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The first installations will start later this year, ahead of the busy holiday movie season. Moving iMage Technologies also noted that the revenue from the contract will be split evenly over the next three years in its earnings reports.
MITQ stock was up 57.04% in pre-market trading today. That's a positive switch from the 14.91% drop year-to-date and its 3.64% decline over the past 12 months. It also came with heavy trading, as some 38 million shares changed hands, compared to a three-month daily average of 51,360 shares.
Is Moving iMage Technologies Stock a Buy, Sell, or Hold?
Wall Street doesn't offer extensive coverage of Moving iMage Technologies, but TipRanks' AI analyst Spark fills that gap. Spark rates MITQ stock a Neutral (48) with a 50-cent price target, representing a potential 9.6% downside. It cites 'mixed financial performance and technical analysis' as the reasons for the rating.
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