Altair Engineering Inc. (ALTR) shares fell 10.01% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $71.00 per share. However, in the regular trading session, ALTR’s stock gained 1.02%. ALTR shares have risen 60.95% over the last 12 months, and they have moved down 1.35% in the past week. Over the past three months, the stock has gained 11.29%, while over the past six months, it has jumped 25.74%.
Let’s see what are the latest news about the company?
ALTR participation in the upcoming event
Altair (ALTR) will participate virtually in a fireside chat format at the RBC Global Technology, Internet, Media, and Telecom Conference on Wednesday, November 17, 2021, at 1:20 p.m. ET. The company will be presented by James Scapa, chairman and chief executive officer, and Matt Brown, a chief financial officer during the event.
ALTR technology selected by Argonne National Laboratory
On November 10, 2021, Argonne National Laboratory announced that it will utilize Altair (ALTR) PBS Professional across the organization’s HPC systems at the Argonne Leadership Computing Facility (ALCF), including the Polaris and Aurora supercomputers, to accelerate breakthroughs in science and engineering and lead the era of exascale computing.
ALTR latest financial news
On November 04, 2021, Altair (ALTR) announced its financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- ALTR reported total revenue of $121.3 million in Q3 2021 compared to $106.5 million for the third quarter of 2020.
- The total cost of revenue was $31.5 million in Q3 2021 compared to $29.0 million in Q3 2020.
- Total operating expenses were $91.73 million in Q3 2021 compared to $80.84 million in Q3 2020.
- It suffered a net loss of $8.1 million or diluted net loss per share of $0.11 for the third quarter of 2021 compared to a net loss of $8.5 million or diluted net loss per share of $0.12 for the third quarter of 2020.
- Adjusted EBITDA was $14.8 million compared to $8.2 million for the third quarter of 2020.
Q4 2021 financial outlook
For Q4, Altair is expecting
- Total revenue in the range of $124 million to $127 million.
- Net loss in the range of $13.1 million to $10.0 million.
- Adjusted EBITDA in the range of $11 million to $14 million.
FY 2021 financial outlook
For FY 21, Altair is expecting
- Total revenue in the range of $515 million to $518 million.
- Net loss in the range of $20.8 million to $17.9 million.
- Adjusted EBITDA in the range of $72 million to $75 million.
ALTR relaunched its startup program
On November 3, 2021, Altair (ALTR) relaunched its startup program. The startup program is a series of tailored, discounted technology packages, which give startups access to Altair’s unique software solutions, helping to drive innovation, reduce development times, and lower costs, giving startups a leg up on the competition, propelling their business growth.
Conclusion
Well, as of this writing, there is no latest development to justify its poor performance in the after-hours on Tuesday. We hope that it will return to positivity in the coming trading session on Wednesday.
