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Wednesday, May 25, 2022

Eastman Kodak Company (KODK) stock soared in the after-market. Here’s why.

Eastman Kodak Company (KODK) stock stayed in the green during the recently traded session gaining 5.49% from the previously traded session. KODK stock was trading at $6.92 before the end of the recent trading session. Moreover, the stock remained bullish in the after-market as well and gained 3.76% to $7.18. The stock price kept moving between the range of $6.58 and $6.91 during the last trading session. The firm declared a partnership with GDM. Also, the firm published the results for the fiscal year 2021. Moreover, KODK filed form SC 13D with the SEC on 28 March 2022.

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The Eastman Kodak Company is a public organization that produces different items connected with its memorable premise in photography. The company has a market capitalization of $544.88 million. KODK has its headquarters in Rochester, New Jersey, USA.

Company News

On 28 March 2022, KODK declared a collaboration with GDM. GDM is a forerunner in changing over and packing for the Dispensable Hygiene sector. KODK and GDM initiated a collaboration to coordinate Kodak’s high-velocity inkjet innovation into dispensable hygiene lines. The arrangement permits GDM to coordinate KODAK PROSPER S-Series and PROSPER Plus Imprinting Systems into its changing over and packaging for Dispensable Hygiene items. This will empower GDM to give total arrangements that incorporate advanced printing, marketing, and directions for use during the assembling process.

Moreover, on 28 March 2022, KODK filed form SC 13D with the SEC. The form indicates that Kennedy Lewis Management has increased its shareholding in KODK. Kennedy Lewis Management increased the investment from $1 million to $6.3 million, representing 7.8% shareholding in the firm.

KODK Financials

Kodak published the results for the fiscal year 2021, on 15 March 2022. The key points of the results are

  • The firm had total sales to be $1.15 billion in FY2021 against $1.02 billion in the previous year. This shows an increase of 12.7% in sales.
  • Moreover, KODK’s total profit expanded by 21.4% to $164 million in FY21 as compared to $135 million in FY2020.
  • Further, KODK’s total income in FY2021 was $24 million while the firm’s total loss in FY2020 was $541 million.

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