24/7 Market News Snapshot 19 November, 2024 – Allot Ltd. Ordinary Shares (NASDAQ:ALLT)

November 19, 2024

DENVER, Colo., 19 November, 2024 (247marketnews.com) – (NASDAQ:ALLT) are discussed in this article.
Allot Ltd. (ALLT) has demonstrated a significant upward trajectory in both its stock performance and financial results, marking a pivotal moment for the company. Following a recent trading session where the stock opened at $3.92 and reached a peak of $4.22, representing a robust 17.06% increase from a previous close of $3.605, investor interest appears to be surging. With a trading volume of 751.87K shares, this bullish momentum suggests the potential for further price appreciation. Traders are advised to keep an eye on key resistance levels around $4.50 and support near $4.00 as indicators of market trends evolve.

Adding to this positive sentiment, Allot has recently reported its third-quarter financial results for 2024, showcasing a significant turnaround. The company posted a non-GAAP operating profit of $1.1 million, the first such profit in three years. Revenue for the quarter reached $23.2 million, reflecting a 5% sequential increase and a 3% year-over-year growth. This growth momentum is particularly driven by an impressive 69% surge in demand for Security as a Service (SECaaS), contributing $4.7 million to the overall revenue for the quarter.

Additionally, Allot’s non-GAAP gross margin was recorded at a robust 71.7%, underscoring its strong operational efficiency. The positive operating cash flow of $1.9 million highlights the company’s solid cash generation capabilities and its strategic positioning within the competitive market landscape.

Eyal Harari, CEO of Allot, expressed strong optimism regarding the future, emphasizing the company’s continued progress and its growing market presence through new partnerships. Looking ahead, management expects to maintain a breakeven position on a non-GAAP operating profit basis for the fourth quarter and anticipates ongoing robust growth in SECaaS revenues, projecting double-digit growth year-over-year for the full year. Allot is steadfast in its commitment to a security-first approach, aiming to enhance its value proposition and ensure sustained profitability in a rapidly evolving market.

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