IT Tech Packaging Inc. [ITP] fell -44.57% so far this year. What now?

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IT Tech Packaging Inc. [AMEX: ITP] price plunged by -13.85 percent to reach at -$0.02. The company report on June 27, 2022 that IT Tech Packaging, Inc. Announces Reverse Stock Split.


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IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, announced today that, its Board of Directors has approved a reverse stock split of its common stock, par value $0.001 per share (the “Common Stock”) at a ratio of 1-for-10 (the “Reverse Stock Split”).  The Reverse Stock Split is expected to become effective on July 7, 2022 (the “Effective Date”), and the shares are expected to begin trading on the split-adjusted basis on the NYSE American under the Company’s existing trading symbol “ITP” at market open on July 8, 2022, upon NYSE American’s approval. The new CUSIP number following the Reverse Stock Split will be46527C 209.

Under Nevada Revised Statutes (“NRS”) Section 78.207, the Company may decrease its authorized shares of its Common Stock and correspondingly decrease its number of issued and outstanding shares of Common Stock by resolution adopted by the Board of Directors, without obtaining the approval of the stockholders.  The Reverse Stock Split will be effected by the Company filing a Certificate of Change (the “Certificate”) pursuant to NRS Section 78.209 with the Secretary of State of the State of Nevada on the Effective Date.  As a result of the filing of the Certificate, the number of shares of the Company’s authorized Common Stock will be reduced from 500,000,000 shares to 50,000,000 shares and the issued and outstanding number of shares of the Company’s common stock will be correspondingly decreased.

A sum of 7992500 shares traded at recent session while its average daily volume was at 6.42M shares. IT Tech Packaging Inc. shares reached a high of $0.15 and dropped to a low of $0.11 until finishing in the latest session at $0.13.

Guru’s Opinion on IT Tech Packaging Inc. [ITP]:

The Average True Range (ATR) for IT Tech Packaging Inc. is set at 0.02, with the Price to Sales ratio for ITP stock in the period of the last 12 months amounting to 0.08. The Price to Book ratio for the last quarter was 0.06, with the Price to Cash per share for the same quarter was set at 0.16.

ITP Stock Performance Analysis:

IT Tech Packaging Inc. [ITP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -19.96. With this latest performance, ITP shares dropped by -11.83% in over the last four-week period, additionally sinking by -49.00% over the last 6 months – not to mention a drop of -73.24% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ITP stock in for the last two-week period is set at 33.65, with the RSI for the last a single of trading hit 28.33, and the three-weeks RSI is set at 37.04 for IT Tech Packaging Inc. [ITP]. The present Moving Average for the last 50 days of trading for this stock 0.2353, while it was recorded at 0.1567 for the last single week of trading, and 0.2702 for the last 200 days.

Insight into IT Tech Packaging Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and IT Tech Packaging Inc. [ITP] shares currently have an operating margin of +0.91 and a Gross Margin at +6.85. IT Tech Packaging Inc.’s Net Margin is presently recorded at +0.56.

Return on Equity for this stock inclined to 0.46, with Return on Assets sitting at 0.41.

IT Tech Packaging Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 2.40.

ITP Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ITP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for IT Tech Packaging Inc. go to 20.00%.

IT Tech Packaging Inc. [ITP] Insider Position Details

There are presently around $0 million, or 1.90% of ITP stock, in the hands of institutional investors. The top three institutional holders of ITP stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 1,313,666, which is approximately 46.246% of the company’s market cap and around 5.47% of the total institutional ownership; SUSQUEHANNA INTERNATIONAL GROUP, LLP, holding 260,950 shares of the stock with an approximate value of $39000.0 in ITP stocks shares; and GROUP ONE TRADING, L.P., currently with $13000.0 in ITP stock with ownership of nearly -18.998% of the company’s market capitalization.

Positions in IT Tech Packaging Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 3 institutional holders increased their position in IT Tech Packaging Inc. [AMEX:ITP] by around 472,418 shares. Additionally, 13 investors decreased positions by around 828,323 shares, while 2 investors held positions by with 597,825 shares. The mentioned changes placed institutional holdings at 1,898,566 shares, according to the latest SEC report filing. ITP stock had 0 new institutional investments in for a total of 0 shares, while 6 institutional investors sold positions of 117,331 shares during the same period.

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