Pareteum Corp (NYSEAMERICAN: TEUM) is having a relatively strong start to the trading session this morning, and for good reason. The company announced that it has been awarded yet another contract, leading to excitement among investors and sending the stock toward the top. Today, we’ll talk about the news, what we’re seeing from TEUM, and what we’ll be watching for ahead.
TEUM Heads Up On Contract Award
As mentioned above, Pareteum Corporation is having a pretty strong start to the trading session this morning after announcing that it has been awarded a new contract. In a press release issued early this morning, the company announced that it has signed a 3-year contract with an established global Mobile Virtual Network Operator. Under the contract, TEUM will provide connectivity and service through the company’s Global Cloud Service Platform.
In the release, the company said that its 36-month contractual revenue backlog increases by $2.4 million as a result of this contract. In a statement, Vic Bozzo, CEO at TEUM, had the following to offer:
Pareteum’s Global Cloud Services Platform is a perfect fit for the contract with our newest global client. Recent product enhancement added functionality to our services that allow us to deliver connectivity and services through a singular solution. It’s these enhancements that empower a brand like this to grow and expand while maintaining high quality of service for their customers as they transit multiple networks.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this case, the news surrounding Pareteum proved to be overwhelmingly positive. After all, more revenue has been added to the company’s 36-month backlog, making it that much stronger. So, it’s no surprise to see that excited investors are pushing the stock upward. Currently (8:14), TEUM is trading at $2.97 per share after a gain of $0.11 per share (3.85%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TEUM. In particular, we’re interested in following the story surrounding the company’s contractual revenue backlog growth, as we’ve seen quite a few additions over the past few months. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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