SatixFy Communications Ltd. [AMEX: SATX] jumped around 0.08 points on Friday, while shares priced at $0.62 at the close of the session, up 15.04%. The company report on February 8, 2024 at 8:05 AM that The NYSE American Accepts SatixFy’s Plan to Regain Compliance with Listing Standards.
SatixFy Communications Ltd. (the “Company” or “SatixFy”) (NYSE American: SATX), a leader in next-generation satellite communication systems based on in-house-developed chipsets, announced that on February 6, 2024, it received written notice from the NYSE American LLC (“NYSE American”) stating that it has reviewed the Company’s January 5, 2024 plan of compliance addressing how it intends to regain compliance with certain NYSE American continued listing standards (the “Plan”) and determined to accept the Plan and grant a plan period for targeted completion of the Plan through May 30, 2025. The Plan is based in part on expected upcoming business progress and technological development, including potential positive announcements it expects to report of new customers and new orders that it believes should evidence that its valuation should be higher. The NYSE American will review the Company periodically for compliance with the initiatives outlined in the Plan.
This follows the prior written notice from the NYSE American, sent on November 30, 2023 stating that the Company is not in compliance with the continued listing standards, as set forth in Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE American Company Guide.
Compared to the average trading volume of 94.11K shares, SATX reached a trading volume of 160744 in the most recent trading day, which is why market watchdogs consider the stock to be active.
How has SATX stock performed recently?
SatixFy Communications Ltd. [SATX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 43.60. With this latest performance, SATX shares gained by 102.97% in over the last four-week period, additionally plugging by 51.49% over the last 6 months – not to mention a drop of -56.26% 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 SATX stock in for the last two-week period is set at 81.26, with the RSI for the last a single of trading hit 85.87, and the three-weeks RSI is set at 76.22 for SatixFy Communications Ltd. [SATX]. The present Moving Average for the last 50 days of trading for this stock 0.3824, while it was recorded at 0.5494 for the last single week of trading, and 0.4363 for the last 200 days.
SatixFy Communications Ltd. [SATX]: Deeper insight into the fundamentals
SatixFy Communications Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.53 and a Current Ratio set at 0.56.
Insider trade positions for SatixFy Communications Ltd. [SATX]
The top three institutional holders of SATX stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in SATX stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in SATX stock with ownership which is approximately 5.8325%.
