AtlasClear Holdings Inc (AMEX:ATCH) shares are soaring Monday morning on the heels of the company’s second-quarter financial results. Here’s what you need to know.
What Happened: AtlasClear reported second-quarter financial results last week. After the market close on Friday, AtlasClear executives commented on the quarter, suggesting the company’s shares are undervalued.
“We will continue to work to improve our performance, with the hope that it will reflect in our share value,” said Craig Ridenhour, president of AtlasClear.
“As we stand today, our current Market Capital is approximately 50% of the Net Income earned for the Calendar year on a standalone basis, which we think is value.”
AtlasClear reported net income of more than $1.75 million for calendar year 2024. The company had a market cap of less than $1 million as of Friday’s close.
AtlasClear Holdings is considered a low-float stock with just 263,000 shares available for public trading, according to Benzinga Pro. Low-float, micro-cap stocks can be extremely volatile, which may help explain some of Monday's massive surge.
ATCH Price Action: AtlasClear Holdings shares were halted for volatility in early trading Monday morning. The stock was up 401.5% at $11.70 at the time of publication Monday, per Benzinga Pro.
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