BingEx (NASDAQ:FLX) Issues Earnings Results

BingEx (NASDAQ:FLX) announced its quarterly earnings results on Thursday, August 20th. The company reported $0.02 earnings per share for the quarter, Zacks reports. BingEx had a negative net margin of 0.33% and a positive return on equity of 10.13%. The business had revenue of $138.40 million for the quarter.

Here are the key takeaways from BingEx’s conference call:

• Operational momentum improved: Q2 order volume rose 8.9% quarter-over-quarter while average delivery time fell to 25.3 minutes; registered riders reached 3.23 million, coverage expanded to 299 cities, and registered users reached 124 million.
• Financial performance weakened year over year. Revenue declined to CNY 940.3 million from CNY 1.02 billion, gross margin fell to 10.2% from 12%, and non-GAAP net income dropped to CNY 11.4 million from CNY 45.6 million, partly due to intensified marketing competition and investment fair-value losses.
• Enterprise and diversified use cases expanded. Newly signed merchants increased 18% quarter-over-quarter, enterprise client signings rose 53.1%, and growth in flowers, food, electronics, luggage delivery, and other services reduced reliance on any single category.
• AI and drone logistics are becoming larger efficiency and growth initiatives. AI-supported operations improved efficiency by roughly 30% in targeted areas, while drone delivery volume grew 169.3% quarter-over-quarter to 22 operating routes; management expects greater route density and AI adoption to support future margin improvement.
• The company maintained substantial liquidity and continued its buyback. Cash, restricted cash, and short-term investments totaled CNY 853.4 million, while approximately 3.9 million ADS had been repurchased for about $11.8 million through August 19.

BingEx Stock Performance

Shares of BingEx stock traded down $0.08 on Tuesday, hitting $1.90. The stock had a trading volume of 163,888 shares, compared to its average volume of 201,314. The stock has a 50 day moving average of $2.10 and a 200 day moving average of $2.36. BingEx has a twelve month low of $1.77 and a twelve month high of $4.45. The firm has a market capitalization of $109.85 million, a P/E ratio of -189.60 and a beta of 0.49.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FLX. Weiss Ratings reissued a “sell (d)” rating on shares of BingEx in a research report on Friday, August 7th. Wall Street Zen downgraded BingEx from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell”.

Institutional Trading of BingEx

A number of institutional investors have recently bought and sold shares of the company. SmartHarvest Portfolios LLC acquired a new position in shares of BingEx during the fourth quarter valued at about $39,000. Schonfeld Strategic Advisors LLC bought a new position in shares of BingEx in the third quarter valued at approximately $32,000. Goldman Sachs Group Inc. increased its position in shares of BingEx by 318.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 71,439 shares of the company’s stock valued at $227,000 after purchasing an additional 54,363 shares during the last quarter. Citadel Advisors LLC increased its holdings in BingEx by 82.6% during the third quarter. Citadel Advisors LLC now owns 111,004 shares of the company’s stock worth $355,000 after buying an additional 50,198 shares during the last quarter. Finally, Susquehanna International Group LLP increased its stake in shares of BingEx by 400.0% during the 3rd quarter. Susquehanna International Group LLP now owns 6,495,883 shares of the company’s stock worth $20,852,000 after purchasing an additional 5,196,683 shares during the last quarter.

About BingEx

BingEx Limited, through its subsidiaries, provides on-demand courier services under the FlashEx brand name in the People’s Republic of China. The company offers Flash-Riders as service providers. It serves individual and business customers, including local retailers, restaurants, and logistics players through its mobile platform and website. The company was incorporated in 2014 and is headquartered in Beijing, the People’s Republic of China.