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

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

Singularity Future Technology Stock Down 10.2%

Shares of Singularity Future Technology stock traded down $0.04 during midday trading on Friday, hitting $0.36. The company had a trading volume of 214,447 shares, compared to its average volume of 212,607. The company has a fifty day simple moving average of $0.59 and a 200 day simple moving average of $0.79. The stock has a market cap of $1.51 million, a price-to-earnings ratio of -0.12 and a beta of 1.57. Singularity Future Technology has a 12-month low of $0.35 and a 12-month high of $1.86.

Wall Street Analysts Forecast Growth

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

About Singularity Future Technology

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.