ADDvantage Technologies Group Inc. ($AEY) Surges on Q2 Results
Shares of ADDvantage Technologies Group, Inc. (NASDAQ: AEY) jumped more than 25% in today�s trading. Broken Arrow, Oklahoma-based ADDvantage operates through its subsidiaries to distribute and service a line of electronics and hardware for the cable television industry. The small-cap stock reached a high of $3.48 in today�s trading and by mid-day was up 26.95% to $3.25, with volume up from daily average of 15,000 to 131,565.
The spike in the small-cap stock comes on the back of the second-quarter results announced by the company earlier today. ADDvantage reported revenue of $12.1 million for the second quarter, an increase of 19% from the second quarter of the previous fiscal year. Net income per share stood at $0.11, up from $0.07 per share. Ken Chymiak, ADDvantage�s president and CEO, commented that the company managed to strengthen its sales through the second quarter and that the momentum is expected to be carried over the remainder of the fiscal year.
On May 10 the company had reported that its subsidiary, NCS Industries, has become a Master distributor with Fujitsu Frontech North America. The company will distribute Fujitsu�s Fujitsu Frontech encoders, decoders and media solutions products. According to Chymiak, the program would enable the company to branch into a new product line and also strengthen its relationship with Fujitsu Frontech.
The second-quarter results and the news about a new distribution agreement have certainly given the small-cap stock some momentum in today�s trading. There are no analyst recommendations for the stock, currently. The small-cap stock has been volatile in the past one year, with a 52-week range of $1.49-$3.48. The 52-week high was reached in today�s trad! ing. The stock has a beta of 1.69, which again shows that it is volatile. Shares of AEY are trading above its 50-day and 200-day moving averages.
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