On January 25, IT Tech Packaging Inc. (ITP) stock rebounded in the after-hours following a long downtrend. There is no new official announcement or SEC filing from the company.
During regular trading, the stock remained bearish with a loss of 6.47% at $0.18. ITP stock made a comeback in the after-hours as it added 6.92% at $0.19, on Tuesday.
The diversified paper products producer and distributor, IT Tech Packaging Inc. was founded in 1996.
ITP stock Overview
ITP stock has been gloomy for quite some time now. It has been in a downtrend for over ten days now. On January 24, the stock descended down to its 52-week low of $0.17, which it touched again the next day. ITP closed the regular session just above the 52-week low at $0.17. Given that there are no new announcements, SEC filings, or upcoming events, the recent low might be responsible for its comeback. Therefore, it seems like the recent low provided a good buying opportunity to interested investors. Consequently, caused the stock to rebound in the after-hours on Tuesday.
In the past five days, ITP stock has declined by 19.01%, while losing 22.74% year to date. Further, the stock subtracted a huge 79.81% last year.
2022 Chairman Letter
On January 04, the company disclosed a letter from its Board’s Chairman to the shareholders. In the letter, ITP’s Chairman provided an overview of the company’s business in 2021. Along with that, he also shares some insights into the company’s strategic direction.
As per the letter, some of the key developments of the company during 2021 included:
Business Development Optimization
Official commencement of the production of surgical masks in compliance with China’s pharmaceutical industry-standard YY0469-2011, at the end of November.
Provision of central heating in industrial parks’ qualifications along with the initiation of Biomass CHP Project (generation of power using biomass tech).
CSR Practice
Donation of disaster relief household goods (surgical masks and other household essential goods) to affectees of flooding in Xinxiang city, Henan province, in July.
R&D Achievements
Paper manufacturing equipment’s multiple new utility patent certificates by State Intellectual Property Office.
Level B scale-above Certification for ITP’s tissue paper R&D center.
2022 Strategic Direction
In 2022, ITP intends to work on paper products along with the promotion of the construction of the Biomass CHP Project. Resultantly, the company will not only fulfill its own energy needs but also contribute to revenue generation.
