Top Penny Stock Performer Netlist Inc. (NLST), Stock Soars after Company Reports Lower than Anticipated Loss for Q3
(November 11, 2011) Shares of Netlist Inc. (NASDAQ: NLST), an Irvine, California-based company, are seeing a huge rally in trading today. At last check, the Netlist stock was trading 20.61% higher at $1.99 on above average volume of 712,099.
Netlist shares are soaring in trading today after the company announced a lower than anticipated loss for the third quarter. For the third quarter ended October 1,2011, Netlist reported a net loss of $1 million, or $0.04 per share, compared with a loss of $4.9 million, or $0.20 per share reported for the same period in the previous year. Analysts were expecting Netlist to report a loss of $0.06 per share for the third quarter.
Netlist’s revenue for the third quarter ended October 1, 2011 was $16.3 million, representing an increase of 55% over the same period in the previous year. The company’s gross profit for the third quarter of 2011 was $5.5 million, compared with $3 million reported for the same period in the previous year.
C.K. Hong, CEO of Netlist, said that in the third quarter, the company continued to execute on its base business and extended the trend of improving financial performance. Hong said that the company expanded its gross profit, decreased its operating loss and achieved EBITDA breakeven.
About Netlist Inc.: Netlist Inc. is a designer, manufacturer and seller of memory subsystems for the server high performance computing and communications markets.
- The Netlist stock has a 52-week range of $1.04-$3.10.
- The stock trades on a daily average volume of 58,419.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
Netlist reported a narrower loss for the third quarter and achieved EBITDA breakeven. The company’s shares are soaring following the release of third-quarter financial results.