The tech sector has managed to deliver a certain degree of growth during these tough times brought about by the coronavirus pandemic and hence, it could be useful for investors to have a look at some of those stocks which are gaining momentum.
One company that investors could consider having a look at is that of eMagin Corporation (NYSEAMERICAN:EMAN), which is currently one of the biggest players in OLDE microdispay technology. Its technology is deployed in advanced computers and imaging devices and counts the military among its clients. Over the past two weeks, the stock has come into sharp focus in the market and has gained as much as 100% during the period. On Thursday, it continued its upward move after a major announcement from the company.
Following the announcement, the eMargin stock soared by as much as 30%, and considering the handsome gains, investors ought to take a closer look at it. The rally came about yesterday after the company announced its financial results for the second fiscal quarter. eMargin managed to generated revenues of as much as $7.7 million for the quarter, which reflects a significant rise of as much as $2.3 million from the revenues in the prior-year period.
Once broken down, eMargin managed to bring in product revenues to the tune of $6.3 million in the second quarter, which reflects a rise of $1.3 million from the prior-year period. Despite the disruption caused to the business by the coronavirus pandemic, eMargin managed to boost its product revenue and that is something that must have raised optimism around the company’s prospects.
It should, however, be noted that eMargin had been classified as an essential business by the United States government following the onset of the coronavirus pandemic. On the other hand, eMargin’s contract revenues for the quarter stood at $1.4 million and that reflected a rise of as much as $1 million from the prior-year period.
It is easy to see why the stock rallied so strongly yesterday and it remains to be seen if the eMargin stock can add to its gains over the coming days. Investors could do well to keep an eye on this stock. Another important trigger for the rally in the stock was the announcement back on July 27.
It was announced that the United States Department of Defense had decided to invest $33.6 million in the company in order to promote the country’s capabilities in high resolution, high brightness OLED microdisplays.
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