On Thursday, the Marijuana Company of America Inc (OTCMKTS:MCOA) stock was trading within range. However, considering the fact that the company announced its financial results for the third fiscal quarter yesterday, it may be a good time to look into it a bit more closely.
Trading Data
On Thursday, MCOA stock slumped 3.85% to $0.0025 with more than 26.48 million shares, compared to its average volume of 38.74 million shares. The stock has moved within a range of $0.0024 – 0.0029 after opening trade at $0.0028.
Reports its Highest Quarterly Revenue Since Inception for Q3 2021
In the third fiscal quarter that ended on September 30, 2021, Marijuana Company of America managed to generate the highest revenue in its history and it goes without saying that it was a significant development. In the third quarter, Marijuana Company of America managed to bring in revenues of as much as $442178 and that reflected a massive rise from the $55195 in revenues that the company had managed to generate in the prior year period.
The company noted that the significant rise in revenues was only possible due to the product sales that had been generated by virtue of the acquisition of cDistro, a distribution company.
In this context, it is perhaps also necessary to keep in mind that the company also managed to bring in $12581 in the form of equipment lease revenues alone during the quarter. Although investor didn’t seem excited about the results yesterday, it will be interesting to see if the situation changes today.
Key Quote
“During the third quarter 2021, despite the fact that we have been in the midst of a global pandemic, the Company produced the highest revenues in its history,” said Jesus Quintero, CEO of Marijuana Company of America, Inc. “Our Q3 financial performance was strong and reflects our ability, despite being in a challenging environment, to execute on the strategy by diversifying within the Cannabis industry thru strategic acquisitions along with organic growth.”
Technical Data
MCOA stock is trading below the 20-Day and 50-Day Moving averages of $0.0025 and $0.0028 respectively. Moreover, the stock is below above 200-Day moving average of $0.0063. The stock is down 17% in the past month.
