Consumer products and media company Xcel Brands Inc (NASDAQ:XELB) may not have been in the news for many months but it did not stop investors from piling on to the stock in a big way on Tuesday.
Trading Data
On Tuesday, XELB stock moved up 38.30% at $1.9500 with more than 28.48 million shares, compared to its average volume of 526.67K shares. The stock has moved within a range of $1.4000 – 2.2500 after opening the trade at $1.4100.
Key Trigger
Despite the absence of news, the stock soared by as much as 38% amidst heavy interest and it is likely to be in focus among investors today as well. In a situation in which the rally in a stock appears speculative, it might be a good move to take a look at past events. The last time the company was in the news was back in August this year when it announced its financial results for the second fiscal quarter that had ended on June 30, 2021.
Xcel Brands managed to generated revenues of as much as $10.8 million during the quarter, which reflected a year on year rise of as much as $5.7 million. The company’s strong performance was primarily fuelled by a boost in both net sales as well as licensing revenues. On the other hand, the net loss that could be attributable to the shareholders came in at $1.6 million and that was mainly a function of higher costs.
Technical Data
XELB stock is trading above the 20-Day and 50-Day Moving averages of $1.45 and $1.56 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.95. The stock is down 32% in the past month.
