On February 25, Guardforce AI Co. Ltd. (GFAI) stock gained a huge 45.44% during the regular trading session. Consequently, the stock succumbed to corrections in the after hours. The huge gain seems to be related to the ongoing Russia-Ukraine conflict.
In the regular session, GFAI stock was able to add $0.1868 or 45.44% at its closing price of $0.5979. The day’s volume was 26.51 million, a huge 665% of its average 3.99 million shares. Following the huge gain, the stock fell by 5.99% under corrections in the after-hours session. Hence, GFAI stock went down to a value of $0.5621 in the after-hours on Friday.
The integrated security solutions provider, Guardforce AI Co. Ltd. has a market capitalization of $17.41 million. Currently, the company has 29.12 million shares outstanding in the market.
What Happened?
The conflict between Russia and Ukraine is escalating by the minute. This conflict and the imminence of a possible war have the stock markets crashing down with most stock trading at new lows. But on the flip side, certain penny stock seems to be gaining, particularly those related to cybersecurity. With the possibility of cyberattacks, cybersecurity stocks are gaining in the market. Thus, on Friday, GFAI stock gained good value as it provides information security consulting services. But following the huge gain, the stock was bound for corrections sooner or later. Therefore, the stock fell under corrections in the after hours.
Given the huge gain on Friday, GFAI stock has added 57.80% in the past five days while it has lost 44.64% year to date. Moreover, the stock subtracted a value of 92.03% last year.
GFAI’s Recent Developments
On February 18, the company announced the deployment of over 1,400 robots in the Asia Pacific region, including Thailand, Singapore, Hong Kong Macau, and Malaysia. Multiple industries are part of the deployment, like supermarkets, govt. facilities, hospitals, hotels, transportation stations, educational institutions, and many more. This deployment is part of GFAI’s robotic solutions deployment for Covid-19 in key markets. The initial free trial base of concierge robots with temperature sensing and reception features will convert to fee-based monthly services. Phase two has started and is expected to gain momentum in the next few months.
GFAI’s Preliminary 2021 Results
For fiscal 2021, the company expects net revenue of $33-$35 million with a decline of 9.3-14.5% YOY.
Furthermore, GFAI expects net revenue of $55-$60 million for fiscal 2022, an increase of over 66% YOY.
