The Helbiz Inc (NASDAQ: HLBZ) stock price rallied 18.8% despite not making any new announcements. The move higher in Helbiz stock price was driven by the recent stock purchases made by the company’s CEO Salvatore Palella.
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Salvatore Palella and Helbiz CFO Giulio Profumo have bought shares worth $778,800 in the past week pushing the company’s share price higher. Looking at the company’s fundamentals, we can see that the company has made significant changes recently.
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The miro-mobility company recently decided to reduce its staff count by 15% in Europe and America to reduce its operating costs and cash burn to fast track its progress towards profitability. The company is also looking for other ways to cut costs across its business operations and is conducting a deep analysis of its business.
Helbiz intends to search for partners to take a stake or take over its media business to reduce its operating costs by eliminating the business as a cost centre. The company also wants to focus on its original micro-mobility business.
Despite the ongoing cost cuts, Helbiz is still embracing growth opportunities and recently announced that it would open a new location in Turin, Italy. The firm will also open two additional locations in Milan, bringing its presence in the city to three Helbiz Kitchen’s given that it already has one location.
Helbiz Kitchen, a ghost kitchen, is partnering with Kuiri, the network of cloud kitchens explicitly designed for delivery and take-away that allows the food delivery operators to easily and quickly reach more Italian users.
The company’s prospects look promising as it cuts costs and expands its cloud kitchen operations. The CEO’s and CFO’s confidence in the company is a good sign, given their recent purchases.
However, the company’s shares are still trading way below the $1 threshold set by the Nasdaq to continue being listed on the exchange. As a result, it may receive a non-compliance notice from the exchange operator soon.
*This is not investment advice.
Helbiz (HLBZ) stock price.
The Helbiz stock price rallied 18.76% premarket to trade at $0.3241, rising from Monday’s closing price of $0.2725.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.