Singularity Future Technology (NASDAQ:SGLY) Issues Quarterly Earnings Results

Singularity Future Technology (NASDAQ:SGLY) released its earnings results on Friday. The company reported ($0.12) earnings per share for the quarter, FiscalAI reports. Singularity Future Technology had a negative net margin of 766.97% and a negative return on equity of 43.78%. The firm had revenue of $0.15 million for the quarter.

Singularity Future Technology Stock Performance

Singularity Future Technology stock opened at $0.36 on Friday. The stock has a market capitalization of $1.51 million, a price-to-earnings ratio of -0.12 and a beta of 1.57. Singularity Future Technology has a 52-week low of $0.35 and a 52-week high of $1.86. The stock’s 50 day moving average price is $0.59 and its two-hundred day moving average price is $0.78.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Singularity Future Technology in a research report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Singularity Future Technology currently has an average rating of “Sell”.

Singularity Future Technology Company Profile

Singularity Future Technology Corp. is a blank check company incorporated in Delaware in March 2021. The company completed its initial public offering that same month and its units began trading on the Nasdaq under the ticker symbol SGLY. It was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination with one or more businesses or entities.

Through its acquisition strategy, Singularity Future Technology seeks to identify high-growth targets in emerging technology sectors such as artificial intelligence, blockchain applications, digital infrastructure and other related fields.