Why Synchronoss Stock Gained 13% in March
What happened
Shares of cloud-based services specialist Synchronoss Technologies (NASDAQ: SNCR) gained 13% last month compared to a 3% decrease in the S&P 500, according to data provided by S&P Global Market Intelligence.
The rally pushed shares into solidly positive territory for 2018, but the stock remains down more than 50% from recent highs set in late 2016.
So what
Investors were happy to finally receive an update from the management team last month regarding its efforts to bring Synchronoss' financial statements into compliance. The company hasn't issued a quarterly report in more than a year, but executives said late in the month that they have nearly finished the accounting reviews that will form the basis for those statements.
Image source: Getty Images.
New CEO Glenn Lurie also sought to assure investors that a "complete corporate reset" was in store and should lay the groundwork for more profitable growth ahead.
Now what
Investors will have to wait until early May to find out key details about the company's finances and operating trends. That's the filing deadline that Synchronoss must honor or it risks being delisted by the NASDAQ stock exchange. Until shareholders can get their hands on the software company's new statements, there's no way to judge whether the stock can claw back some of big losses it has posted over the past few years.
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Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool recommends Synchronoss Technologies. The Motley Fool has a disclosure policy.
