KIT Digital (NASDAQ:KITD) Stock Tumbles as it Restates almost Results of 4 Years and Bid

Shares of the New York based KIT digital, Inc (NASDAQ:KITD) plunged on Friday after the corporation reported that it required to restate around 4 years of financial results and a ex- Chief Executive Officer made a offer for the company.

The video technology company reported on Wednesday that because of mistakes and irregularities, it will require restating its financial statements for 2009, 2010, 2011 and part of 2012.

KIT reported that it would not issue its next quarterly earnings on time, abandoned its yearly shareholder meeting and may look for a broad set of strategic choices comprising a probable sale of the corporation.

Tuzman resigned as Chief Executive Officer prior current year and remains a shareholder in the corporation.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Brightcove Inc (NASDAQ:BCOV) rose +5.38% to settle at $10.18, Equinix Inc (NASDAQ:EQIX) moved up +0.93% to end at $186.76 while Akamai Technologies, Inc. (NASDAQ:AKAM) jumped +0.39% to finish at $35.97 on Friday.

KIT digital, Inc. (NASDAQ:KITD) on Nov 23, 2012 decreased -64.25% to the closing price of $0.740. The overall volume in the last trading session was 14.67 million shares. Its fifty two weeks range was $0.72 – $12.65. The total market capitalization remained at $42.25 million.

KITD is behind of its 52-week low with -61.86% and lagging behind from its 52-week high price with -94.15%. KITD’s last month’s stock price volatility remained 10.45%. In its share capital KITD has 57.10 million outstanding shares, among them 48.31 million shares have been floated in market exchange. KITD’s stock’s institutional ownership remained 66.16% while insider ownership included 0.41%.

The stock price of KITD is moving down from its 20 days moving average with -67.82% and remote negatively from 50 days moving average with -71.13%. KITD’s current year’s earnings per share experienced an addition with 59.85% while its current quarter performance remained at -73.85%. Company’s beta coefficient included 1.15. Beta factors measure the amount of market risk associated with market trade.

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