What pushed Net Element, Inc. (NETE) Above 30% on Friday?

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NETE stock was continuously bullish during the past week soaring up to 50% driven by an increase in Q3 revenue from the sequential quarter. 

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The Florida-based Net Element, Inc. (NETE) performance was quite significant during the last week. After positive third-quarter 2020 results, the technology-driven group surged up to 50.59% over the period of the last seven days.

On Friday, the stock soared more than 30% a couple of days after the company announced Q3 results. The trading volume escalated over 10 million driving a major number of investors to the market.

NETE opened the trading session at $9.80 and pushed as high as $13.82, at the mid-range of the 52-week range of $1.47-$20.08. The stock closed the week at $12.63 up by 30.61%.

The investor’s sentiment remains high as the stock continues the bullish momentum from the prior week. Writing this in the premarket on Monday, NETE has escalated up to 7.44% trading at $13.57.

What’s Up

In the third quarter of 2020, Net Element made strong progress and reflected surprising business strength despite the lockdowns in New York, a major consumer place in the restaurant business.

The promising Q3 results and Bill’s win opens up the way for the global technology-driven group. The company believes that the improving U.S. economy and things normalizing, the business will rebound sharply.

The two of the most key aspects for Net Element, Inc. (NETE) are based on the restaurant business (45% customers) and tourism. With the COVID-19 vaccines coming soon, people will be feeling safer to go out.

The company had an impressive response in the third quarter. The revenues were $16.7 million,almost similar to that of last year’s quarter $16.8 million. Whereas, the revenues were significantly up from $13.7 million in the prior quarter.

North American Transaction Solutions revenue increased to $16.07 million from $15.9 million in Q3 2019.

In addition, the company is also working on completing a merger transaction with the automaker, Mullen Technologies. The EV firm is going through an audit and the S-4 document is being drafted. Mullen expects it to file by the end of this year. The Executive Chairman of Net Element, Oleg Firer stated:

“We continue working diligently in an effort to finalize the Mullen merger for the benefit of our shareholders.”

The merger agreement was previously signed between Net Element, Inc. (NETE) and Mullen Technologies. Based on the agreement, Mullen’s stockholders will obtain a majority of the outstanding stock in the post-merger company in a stock-for-stock reverse merger. The combined company will focus on manufacturing Mullen’s SUV MX-05.

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