Uxin (NASDAQ:UXIN) Stock Soars 53%: How Far Can It Go?
On Monday, the Chinese online car dealer Uxin (NASDAQ: UXIN) saw its stock make a big move amidst strong interest as it ended up with gains of 53% for the day. In light of such a move, it may be a good idea for investors to consider keeping a closer eye on the stock this morning. The stock went on a strong rally after the company’s fiscal first quarter earnings, announced yesterday, exceeded expectations.
Reports Earnings Results for the First Quarter Ended June 30, 2024
The company had gone public in 2018, but since then it has struggled significantly owing to certain issues in the e-commerce sector in China and the weakness in Chinese consumer spending.
However, Uxin made changes to its business model a number of times in order to tap into the huge Chinese market, and if the latest earnings are anything to go by, then those efforts may have borne fruit.
Revenues went up to $55.2 million, which reflected a year-on-year rise of 38.8%. That being said, the EBITDA earnings actually went down to $4.7 million from $6.7 million.
Executive Comment
The Chief Executive Officer of the company, Kun Dai, noted that the vehicle turnover efficiency at Uxin remained healthy. He went on to note that in addition to strong growth in sales, customer satisfaction had also improved significantly.
Traders Note
Technicals
| +/- EMA(20) | 1.72 (+41.28%) |
| +/- SMA(50) | 1.66 (+46.39%) |
| +/- SMA(200) | 2.68 (-9.33%) |
| 5-Day Perf. | +59.87% |
| 1-Month Perf. | +43.79% |
| 3-Month Perf. | +20.3% |
| 6-Month Perf. | +6.58% |
| YTD Perf. | -65.34% |
| 1-Year Perf. | -85.45% |
| RSI(14) | 75.78 |
| ATR(14) | 0.2 |
| ADX(14) | 17.26 |
| Beta (5Y) | 1.09 |