Safe-T Group Ltd ADR (SFET), a company known for providing secure access solutions, saw an increase of 12.07% in its share price on Friday, after which, the share price stood at $1.30. The rally came after its Chief Executive Officer, ShacharDanielIn, issued a letter to shareholders in which he described goals for the second half of 2021 and beyond. In the aftermarket, the stock was losing some of that gain, with a decrease of 6.15% thanks to profit takers. At last check, the share price was $1.22.
Accolade for Safe-T group
On the 15th of July, the Safe-T group was named as an emerging leader in spark matrix analysis of the global Zero Trust Network Security (ZTNS) market by Quadrant Knowledge Solutions. According to the details, the Spark Matrix of Quadrant Knowledge Solutions includes the analysis of ZTNS market dynamics, competitive positioning, major trends, and vendor landscape. Safe-T group provides users with secure access. Also, it has the capability to integrate with the latest access technologies.
Announcement of estimated revenue for Q2
In early July, SFET announced the estimated revenue range for the second quarter of the fiscal year 2021, as well as for the first half of the year. According to estimates, the Safe-T group expects to generate revenue for the quarter ended 30th June 2021 in the range of $1.62 million to $1.78 million. When compared with the results of the second quarter of 2020, that’s an increase in the range of about 50% to 65%. The revenue for the six months period is expected to range between $2.97 million to $3.13 million. The company expects to release the financial statement by August 31st.
Acquisitions of CyberKick
On the first of July, the company announced the acquisition of CyberKick Ltd, a provider of Software-as-a-Service (SaaS) tools. CyberKick is designed to build user resilience in their online activity, as well as protection against cyber-attacks. According to Safe-T, the acquired business generated handsome revenue of $4.2 million during 2020.
Q1 financial results
In late May, SFET reported financial results for the first quarter of fiscal year 20201. According to those, the revenue reported by the company for the quarter ended March 31st was $1.3 million, while during the equivalent period of 2020, the company it was $1.08 million. Research and Development expenses totaled $0.7 million, while Sales and Marketing expenses totaled $1.1 million. During the equivalent period of 2020, Research and Development expenses were $0.3 million, while Sales and Marketing expenses were $0.8 million.
Awards by Cyber Defense Magazine
In early May, during the RSA conference, the Safe-T group received the awards for “Hot Company in Access Control” and “Best Product in Micro-Segmentation” by Cyber Defense Magazine. Safe-T is absolutely worthy of these coveted awards and consideration for deployment in a work environment, said CDM’s publisher Gary S. Miliefsky.
What future holds in store?
Looking ahead, Safe-T Group (SFET) seems well on the track to achieve financial prestige in near future, as evident from its performance during recent quarters. As far as the performance of SFET stock is concerned, short-term buyers could find themselves in hot waters due to market volatility, but the long-term investment could pay dividends to investors. So, potential investors should invest carefully in SFET stock.