BM Technologies $BMTX stock broke uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... support on November 16, 2022, after the company reported a miss on EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th....
BM Technologies Reports Third Quarter 2022 Results
On November 15, 2022, BM Technologies, Inc. (NYSE American: BMTX) one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, reported results for the three and nine months ended September 30, 2022. BM Technologies reported Q3 core EPS of (7c) versus the consensus estimate of 30c. The company reported Q3 revenue of $19.9M versus the consensus estimate of $23.94M.
CEO Luvleen Sidhu said, “In the first nine months of 2022, we are proud to report solid results with revenue of $67.9M, Net Income of $3.4M, and Core EBITDA of $16.4M…We celebrate many business wins even as we face unprecedented times with rapidly rising interest rates, inflationary pressures, and market volatility. Revenue and EBITDA were negatively impacted this quarter as we are no longer benefiting from the tailwinds of stimulus, which affected customer spend, and our decision not to chase rate to keep balances…We believe we will benefit immensely in the long term from having a bank charter which will provide more flexibility in pricing deposits and the ability to earn more on these deposits with a high-quality asset generation strategy. In 2023, we are committed to combining with a bank and improving our revenues. We remain excited about our future as we continue to expand our existing business and work on building new business opportunities.”
BM Technologies $BMTX Stock Technical Analysis
BM Technologies $BMTX stock is in a technical weak downtrend. Long-term indicators suggest a continuation of the downtrend. The stock has formed an uptrend channel breakdown below support. The MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... has given a sell signal. The money flow has collapsed as traders dump the stock.
