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What is behind this recent momentum of Ebix Inc. (NASDAQ: EBIX)

Despite the decline in February, Ebix Inc. (EBIX) gained double-digits in March, partially recovering from the drop. EBIX was trading at $ 31.06 on April 8, and its stock price increased on Thursday, showing an overall performance jump over the past few months. We can quantify the performance of the stock so far this year using a few metrics. Currently, the 52-week high price of EBIX is $64.14, higher than the stock’s current trading price by 51.57%. Despite this, EBIX’s current trading price is -103.94% lower than the 52-week low price of $15.23.

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A variety of insurance and financial companies rely on Ebix software. Ebix Inc. had an unfortunate situation in February 2021: its official accounting partner, RSM US, refused to cooperate when some unusual gift card transactions in India were not properly documented. As a result, Ebix needed to find a new partner urgently. As a result, the EBIX  stock’s shares had fallen by more than 50%. The severance of the relationship between Ebix and the former accounting partner and the delay in the publication of the quarterly results caused adverse investor reaction.

KG Somani recently announced that Ebix Inc. (EBIX) had selected them as its accounting service provider. The new firm is a respected network of accounting firms based in New Delhi conducting audits of banks and other institutions for fifty years. Ebix will also submit a quarter-end report in two weeks. According to Wall Street analysts, earnings are expected to be approximately $ 0.79 per share on $ 188 million. That’s a significant increase from $ 146 million in revenues a year ago. However, earnings per share were only $0.81 a year ago.

Most likely, volatility will persist for Ebix Inc.’s shares (EBIX), as not all of its business’s risk factors have disappeared. For example, a clear plan is needed to deal with the gift cards that led to the break-up of relations between this accounting firm and the previous one. Although the Ebix share price has gained in March, it is still far from its 52-week high.

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