Moving iMage Technologies Stock Surges 55% on $9 Million Cinema Contract
Moving iMage Technologies (MITQ) shares skyrocketed 57% in pre-market trading following a $9 million contract to deploy 150 Barco laser projectors over three years. The deal marks a sharp reversal for the digital cinema firm, which had seen its stock decline 14.9% year-to-date prior to the announcement.
Revenue will be recognized evenly across fiscal periods, with initial installations timed for the 2023 holiday movie season. Trading volume surged to 38 million shares—740x the three-month average—as investors reacted to the growth catalyst.
TipRanks' AI analyst maintains a Neutral rating with a $0.50 price target, citing mixed fundamentals. The contrarian MOVE highlights how niche tech providers can experience volatile swings on single-contract wins.
