- The stock price of INTRUSION, Inc. (Nasdaq: INTZ) increased by 52.07%. This is why it happened.
The stock price of INTRUSION, Inc. (Nasdaq: INTZ) increased by 52.07%, going from a previous close of $3.38 to $5.14. There is no company-specific news driving the stock price up today.
However, there was a sequence of fundamental events over the past week that brought attention to the company. About a week ago, the company announced preliminary revenue for the second quarter of 2021, which is expected to be within a range of $1.9 million and $2 million.
And since INTRUSION believes that additional capital is required to achieve profitability, they engaged an investment banking firm to evaluate various funding sources and also potentially constructive longer-term strategic options that might help the company grow, achieve its operating objectives and maximize shareholder value. INTRUSION is going to release its full second-quarter results on Thursday, August 12
Jack B. Blount, previously President, CEO, and a board member, has left the company effective immediately and no longer has any affiliation with INTRUSION. The Board of Directors asked CFO Franklin Byrd and CTO Joe Head – who is also an INTRUSION Co-Founder – to assume operating responsibilities together on behalf of the company until such time as a successor is named. And both will report to the Board immediately.
Due to the preliminary revenue report, H.C. Wainwright downgraded the company rating to “Neutral” from a “Buy” rating. And H.C. Wainwright analyst Scott Buck reduced the price target from $25 to $5. Buck said that the preliminary second-quarter results and strategic changes drive more questions than answers. And even though the company’s Shield product is seeing an increase in interest, it saw a slower than anticipated sales ramp according to Buck. As a result, the company stock price fell 20.88% between July 20 and yesterday for the aforementioned reasons, going from $15.12 to $3.38.
And then discussions about driving the stock price up started to ramp up in Discord chatrooms over the last 24 hours. Investors cited the low float as an opportunity for aggressive day traders.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
