Recon Technology Ltd [NASDAQ: RCON] gained 8.81% or 0.01 points to close at $0.15 with a heavy trading volume of 4376303 shares. The company report on March 11, 2024 at 8:30 AM that Recon Technology Secures US$3 Million in Contracts with Newly Developed Customer for Electronic Components and Materials.
Recon Technology Ltd (“Recon” or the “Company”), a China-based provider of oilfield services and low-carbon energy services, today announced two recently awarded bids from a newly developed oilfield-industry customer for the supply of electronic components and materials used in oilfield production. The total value of these contracts exceeds US$3 million and represents a significant milestone for the Company.
“We are very pleased to have secured these contracts with this new customer in the automation and electronics sector, and Recon emerged as the preferred choice due to our proven track record, innovative solutions and commitment to excellence,” said Shenping Yin, CEO of Recon, “This achievement highlights our expertise and capabilities in serving the oilfield industry and we look forward to building a sustainable and stable working relationship with this customer.”.
The daily chart for RCON points out that the company has recorded -49.68% loss over the past six months.
If we look at the average trading volume of 237.59K shares, RCON reached to a volume of 4376303 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Recon Technology Ltd [RCON]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RCON shares is $10.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RCON stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Maxim Group have made an estimate for Recon Technology Ltd shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 12, 2018.
The Average True Range (ATR) for Recon Technology Ltd is set at 0.01, with the Price to Sales ratio for RCON stock in the period of the last 12 months amounting to 0.63. The Price to Book ratio for the last quarter was 0.12, with the Price to Cash per share for the same quarter was set at 0.98.
Trading performance analysis for RCON stock
Recon Technology Ltd [RCON] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.44. With this latest performance, RCON shares gained by 2.33% in over the last four-week period, additionally sinking by -49.68% over the last 6 months – not to mention a drop of -54.70% 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 RCON stock in for the last two-week period is set at 53.47, with the RSI for the last a single of trading hit 60.38, and the three-weeks RSI is set at 48.71 for Recon Technology Ltd [RCON]. The present Moving Average for the last 50 days of trading for this stock 0.1525, while it was recorded at 0.1369 for the last single week of trading, and 0.2685 for the last 200 days.
Recon Technology Ltd [RCON]: A deeper dive into fundamental analysis
Recon Technology Ltd’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.16 and a Current Ratio set at 8.26.
An analysis of Institutional ownership at Recon Technology Ltd [RCON]
The top three institutional holders of RCON stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in RCON stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in RCON stock with ownership which is approximately 5.8386%.
