Mill City Ventures III Ltd (NASDAQ:MCVT) stock is trending after a recent halt in trading, following a 211.3% increase in the stock price.
Check out the current price of MCVT stock here.
What Happened: The stock price of the Minnesota-based business development company saw a substantial increase in after-hours trading, reaching $12.50, a rise of 111.86% from Friday's closing price of $5.90.
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This surge follows a recent halt in trading due to a circuit breaker. On Friday, the stock was halted after a 211.3% increase, leading to a temporary suspension in trading. The stock has been experiencing a series of fluctuations in recent times.
Why It Matters: Several factors are linked to the sharp rise in MCVT’s stock, including the company's recent announcement of its intention to appoint a new independent director to restore compliance with NASDAQ requirements. The move comes after the unexpected passing of Laurence Zipkin, an independent director of the company.
In the first-quarter report, the company reported a rise in Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) from $0.06 to $0.07 year-over-year, despite a slight decrease in sales. This positive earnings growth could have also instilled confidence in investors.
According to Benzinga Pro data, Mill City stock ranged between $1.13 and $6.64 over the past year, with a market capitalization of $35.77 million.
Benzinga’s Edge Stock Rankings indicate a Growth metric of 80.14, suggesting strong growth potential. Additional performance details are available here.
Photo Courtesy: Mizkit on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
