Shares of the Meten Holding Group Ltd. (METX) stock were rising in the pre-market today on September 30, 2021. METX stock price saw a push of 6.06% to reach $0.35 a share at the time of this writing. The stock was performing well in the previous trade and went up by 9.13% with a $0.33 per share price at closing. Let’s explore more about this stock.
There seems to be no news associated with METX stock in today’s date to justify the bullish sentiment. No analyst has upgraded or increased the targeted per share price of METX stock in recent times. The stock is getting momentum due to discussions among investors on the social media platforms like Reddit, StockTwits, Twitter, etc.
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Meten Holding Group Ltd. Founded in 2006 is the provider of English language training services in China. The company is operating through four segments. Online English Training, General Adult English Training, Junior English Training, and Overseas Training Services. Its learning centers are operating in 28 cities covering 15 provinces.
Public Offering by METX stock:
On September 30, 2021, Meten closed the previously announced underwritten public offering. Under the offering, METX stock offered 22,500,000 shares at a purchase price of $0.30 per share and 177,500,000 pre-funded warrants. The public offering price for the pre-funded warrant was $0.2999 per share with an exercise price of $0.0001 per share for each pre-funded warrant. The gross proceeds resulted from this offering were $60 million. METX stock has planned to use net proceeds from this offering for its working capital as well as general corporate purposes.
METX stock to explore Corporate Training Market:
METX stock is putting efforts to explore the corporate training market and expand its market presence. Meten’s gross billing of corporate business represented an increase of 107% from January 2021 to July 2021 as compared to the same period of the previous year. Corporate employees served increased by 53% to reach 4,000 and enterprise customers served represented a 60% increase. Customer renewal and customer student satisfaction rate was 90% and 95% respectively.
Financial View of Meten stock:
According to second-quarter 2021 financial results, Maten generated RMB204.8 million in revenue, 8.2% higher year-over-year. Gross profit was RMB66.2 million, 23.4% higher as compared to previous year’s same quarter. Net loss declined 16.2% year-on-year to RMB75.7 million in the recently reported quarter.
So far so good for Meten stock as far as market sentiment is concerned. Such rises and falls often happen in the stock market but the long-term development of the stock matters the most.