Hong Kong-based Integrated Media Technology (IMTE) is known for its glasses-free 3D display technology. But the price of its stock has declined nearly 7% over the past month to close yesterday’s trading session at $3.95. So, can the stock rebound on the back of its recently formed IoT business unit? Read on to learn more.Headquartered in Wan Chai, Hong Kong, Integrated Media Technology Limited (IMTE) is a lesser-known company that develops, sells, and distributes 3D autostereoscopic display (ASD) technology products and services across Hong Kong, China, Korea, Singapore, and Australia. The company launched its newly formed Internet of Things (IoT) business unit in February 2021 by agreeing to acquire a 70% equity interest in Shenzhen Koala Wisdom Fire Engineering Co., Ltd.
However, IMTE’s stock price has declined 6.6% over the past three months and 6.8% over the past month to close yesterday’s trading session at $3.95. The company’s shares soared to hit their 52-week high of $10.67 on March 23 based solely on social media discussion about its potential connection to the non-fungible token (NFT) craze.
In addition, the company’s operating loss in its fiscal year 2020 declined to $6.15 million from an $11 million loss in 2019. Its net loss came in at $10.03 million in its fiscal year 2020 versus $15.65 million in the prior year. IMTE is also raising funds by selling its shares to support its growth. So, its near-term prospects look bleak.
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