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Tuesday, June 6, 2023

Puxin Ltd. (NEW) Stock on a Continuous Rise, Here’s Why

Puxin Ltd. (NEW), a company providing K-12 and study-abroad tutoring services in the People’s Republic of China, has seen an increase of 20.74% in the premarket trading session. As a result, NEW stock is trading at $0.64 at the time of this writing. On Monday, the NEW stock closed the day at $0.53 after increasing 10.42% in the regular trading session. The continuous rising trend seems to be because last week, the company announced a 20M share repurchase program, which is causing this continuous push over NEW stock. Let’s discuss some recent developments related to NEW stock.

NEW Stock received notice from NYSE

On 19th August, NEW announced that it had received a notice from NYSE. According to that, NYSE informed Puxin that it is below compliance criteria in connection with the performance of the trading price of Puxin American Depository Share. According to section 802.01C of the NYSE’s Listed Company Manual, a company would be considered below compliance criteria if the average closing price of its security remains less than $1 over a consecutive 30 day period. The company must bring back its share price over $1 within six months following the receipt of notification. The notice had no immediate effect on the listing of the company’s ADSs. It will continue to be traded listed on NYSE during the cure period (six month period). This listing is subjected to the continued compliance with other listing requirements of NYSE. The company said that to address the issue, it would monitor the market conditions of its listed securities.  

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Q1 2021 financial results

On 24th May, NEW reported the quarterly results for the first quarter of the fiscal year 2021, which ended 31st March 2021. According to the details, the company had cash and cash equivalents of $42.59 million on 31st March. The total assets stood at $731.66 million. The total liabilities were $660.96 million. The company generated net revenue of $104.82 million. The gross profit for the quarter stood at $46.05 million. The total operating expenses for the period stood at $45.06 million. The operating income for the period stood at $0.996 million. The net income for the period stood at %5.71 million. Commenting on the results, Mr Yunlong Sha, Chairman and Chief Executive Officer of Puxin, said that with the rebound of China’s economy after the pandemic, Puxin is confident to achieve high-quality growth in the following quarters.

What’s ahead for NEW Stock?

During the last week, NEW stock has grown by 15%. The 52 week high of NEW is $10.09 and 52 weeks low is $0.45. The analysts estimate that the EPS of new stock could increase by 93% during the current fiscal year. Based on these stats, potential investors should keep a close eye on NEW stock.

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