FANGDD Network Group Ltd (NASDAQ: DUO) is now trading at its IPO price after several weeks of sustained losses. The company which went public in November at $13 was trading at $13.43 as of yesterday’s close. The stock will be in the investor spotlight this quarter as it is expected to release its quarterly results on the 4th of March. The consensus estimate for the company is an EPS of $0.23.
The company last reported its quarterly results on the 4th of December and they were impressive. From its financials, year-over-year revenues increased by 71.95% to hit $132.6 million. It attributed this to strong growth in commissions from business transactions. The company’s also reported that net income increased by 204.9% from a year earlier to hit $11.2 million.
In highlighting its financials for Q3, the company also reported that, its active agents in the market rose to 226.8k. This represented a year-over-year increase of 26.2% compared to a similar quarter in the previous financial year, when the number of active agents stood at 179.7K. On top of that, the company noted that, the number of closed loop agents rose by 135.2% to hit 20.7k compared to a similar quarter in the previous year’s Q3, when that number stood at 8.8k.
The company also reported that, its total closed-loop GMV on their platform rose by 74.8% compared to a similar quarter a year earlier to hit $7.2 billion. On top of that, closed-loop GMV for new property listings stood at $5.5 billion.
Looking at its price action, DUO is now trading at a support level. In yesterday’s session, it opened the day at $13.77 and traded between a low $13.22 and a high of $14.05, before closing the day at $13.43. Volumes in the day stood at 3.5k.
About Fangdd Network Group Ltd
Fangdd Network Group Ltd is an online real estate company. It is based in Shenzhen, China.