NetSol Technologies Inc. (NASDAQ:NTWK) stock is trading up over 35% in early trading this morning after the company announced that they have signed a huge $100 million licensing, servicing, customization and maintenance contract with one of their customers.
A special conference call has been scheduled at 9:00 AM this morning (ET) and is taking place right now. According to the annoucement, the agreement will be for an upgrade to NetSol Technologies Inc.’s (NASDAQ:NTWK) NFS Ascent platform.
“With the signing of this agreement, NFS Ascent has established itself as the premium auto and asset finance platform in the market,” said Naeem Ghauri, head of global sales for NetSol. “This is a watershed event for NetSol given the expected value of the contract and geographical footprint of the implementation in 12 markets. In addition, we believe NFS Ascent is well-positioned to leverage this success to sign additional multi-market deals in the future.”
It should be interesting to see what comes out of the conference call as investors learn more about this agreement. The stock is up 37.03% or $2.37 following the news, hitting $8.77 per share. About 27,266 shares traded hands. NTWK has risen 10.54% since May 18, 2015 and is uptrending. It has outperformed the S&P500 by 12.80%.
The institutional sentiment decreased to 1.2 in Q2 2015. It’s down 0.55, from 1.75 in 2015Q2. The ratio is negative, as 4 funds sold all their NetSol Technologies Inc. shares they owned while 6 reduced their positions. 2 funds bought stakes while 10 increased their total positions. Institutions now own 1.20 million shares which is 13.50% less than the previous share count of 1.39 million in 2015Q2.
Simmons First Trust Co Na holds 0.12% of its total portfolio in NetSol Technologies Inc., equating to 98,610 shares. Bridgeway Capital Management Inc owns 47,680 shares representing 0.01% of their total US portfolio. Moreover, Gsa Capital Partners Llp has 0.01% of their total portfolio invested in the company, equating to 48,400 shares. The Michigan-based Municipal Employees' Retirement System Of Michigan has a total of 0.01% of their portfolio invested in the stock. Acadian Asset Management Llc, a Massachusetts-based fund reported 38,580 shares owned.
Since April 15, 2015, the stock had 0 insider purchases, and 1 insider sale for a total of $3,180 in net activity. Beckert Eugen sold 600 shares worth $3,180. Mcglasson Patti L W sold 1,000 shares worth $5,450. Burki Shahid bought 7,531 shares worth $41,627.
NetSol Technologies, Inc. is a provider of information technology and enterprise software solutions. The company has a market cap of $90.53 million. The Company’s primary source of revenue is the licensing, customization, enhancement and maintenance of its suite of financial applications under the brand name NetSol Financial Suite (NFS) and NFS Ascent for businesses in the global lease and finance industry. It currently has negative earnings. The Company’s offerings include its global solution, NFS.