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Fangdd Network Group Ltd. (DUO) Stock on a Precipitous Rise, Here’s the Cause

Fangdd Network Group Ltd. (DUO), an online marketplace involved in the real-estate sector, closed Tuesday’s regular trading session at $0.37 after gaining an increase of 3.59% during the day. In the premarket trading session, DUO stock has continued to build upon the momentum, as it has surged 10.96% and consequently was trading at $0.41 when last checked. The company is expected to release the quarterly results in the next few days, prompting investor interest in the stock.

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DUO received a non-Compliance Letter from NASDAQ

On 7th January, DUO announced that it had received a letter of non-compliance from NASDAQ on the 4th of January 2021. The letter informed the company that it was not in compliance with the minimum bid price requirement put forth under the NASDAQ listing rule 5450(a) (1). The bid price of the company’s shares closed below $1 for consecutive 30 days from the 19th of November 2021 to the 3rd of January 2022. The letter said that the company has been granted 180 days to regain compliance with requirements.

Q3 2021 Financial Results

On the 19th of November 2021, DUO released the results for Q3 2021. The revenue generated during the quarter decreased by 57.8% on a year-per-year basis to $26.3 million, which was not up to the mark that was forecasted earlier. The GAAP net loss for Q3 2021 was calculated to be $55.1 million, while the non-GAAP net loss for the said period was calculated to be $53.3 million.

Q4 2021 Outlook

DUO also provided the business outlook for Q4 2021. The company said that due to the havoc that the COVID-19 pandemic brought on the economy, the company expects its revenue to remain in the range of $20.47 million to $23.61 million.

What’s in Store for DUO Stock?

Looking ahead, analysts are holding a negative evaluation of DUO stock. Several technical signals are presenting a bleaker picture for the stock and hence, it is expected to perform weakly in the next couple of weeks.

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