Why Moving Image Technologies Shares Are Skyrocketing 30% Higher Today

Moving Image Technologies Inc MITQ shares are trading higher after the company announced a $1 million buyback.

"Since coming public last July, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance," said Phil Rafnson, chief executive officer. 

"With a strong, debt-free balance sheet that had nearly $1 per share in cash as of our most recent earnings report and revenue guidance of 155-169% growth for fiscal 2022, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a $1 million buyback over the next 12 months."

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Moving iMage Technologies is engaged in providing designed equipment as well as other off-the-shelf cinema products needed for contemporary cinema requirements.
According to data from Benzinga Pro, Moving Image Technologies has a 52-week high of $27.31 and a 52-week low of $0.82.