Ecoark Holdings, Inc. (ZEST), a company engaged in numerous businesses, like oil and gas, financial services, and food freshness management solution, has rocketed 45.90% in the pre-market trading session. Consequently, the stock was trading at $4.45 when last checked. During Tuesday’s regular trading session, the stock soared by 17.31 percentage points to close the day at $3.05. The surge in aftermarket could be attributed to a tremendous achievement for the company.
Completion of Drilling
On Tuesday, after the closure of the market, ZEST announced that Banner Midstream Corp., its wholly-owned subsidiary, has completed the drilling of the oil project on its oil and gas mineral lease, comprising an area of 9,615 acres, existing in Blackhawk oil field in Concordia Parish, Louisiana. The project came to the end of the 4th of March 2022. The company further said that after the logging of completed well on 5th of March 2022, it became evident that it had 3 different zones which have the attributes to produce hydrocarbon.
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Q2 2022 Operating Results
In November 2021, ZEST announced the operating results for the second quarter of the fiscal year 2022. The quarter came to an end on 30th September 2021. The revenue generated during the quarter was $6.1 million, an increase of 86% on a year-over-year basis. The net loss during the quarter was $5.9 million (or basic and diluted loss per share of $0.23). Compared to that, the company generated a net income of $9 million (or basic and diluted EPS of $0.445 and $0.380 respectively) during the second quarter of fiscal 2021.
Comments from CEO of ZEST
Randy May, Chief Executive Officer of ZEST, commented on the occasion that the company has continued to execute its strategy as well as unrelentingly expanded its operations. The team has focused on pursuing opportunities for value generation. These include the operationalization of the crypto mining beta site, as announced by the company.
What’s in Store for ZEST?
Looking ahead, analysts are optimistic that ZEST stock holds several positive signals at this point. Alongside that, it is breaking up from the falling trend, which indicates a possible shift of the trend, depicting the risk-reward to be attractive. Hence, the stock is expected to perform well in the next couple of weeks.