The announcement of a company’s financial results almost always leads to a move in its stock one way or another. However, in case of 12 ReTech Corporation (OTCMKTS:RETC), the stock moved downwards on Monday after the company announced its financial results for the third fiscal quarter as well as the nine month period, both of which ended on September 30, 2021.
Trading Data
On Monday, RETC stock fell 12.50% at $0.0004 with more than 142.30 million shares, compared to its average volume of 216.49 million shares. The stock has moved within a range of $0.0003 – 0.0004 after opening trade at $0.0003.
Earnings Recap
Investors did not seem pleased with the company’s performance and the stock suffered from a selloff to end the day with a decline of as much as 13%. In this situation, it might be a good idea for investors to perhaps take a closer look at the company’s financial results.
In the third quarter, 12 ReTech managed to generate gross sales to the tune of as much as $190,876 and that was a significant improvement on the gross sales of $68,052 in the prior year period. That works out to a year on year rise of 180.2%.
However, it cannot be ignored that the prior year numbers had been generated in January and February of 2020, which was the pre-pandemic period. The net loss in the quarter stood at $5332852 and that was lower than the net loss of $6,675,769 that 12 ReTech had suffered in the prior year period.
Key Quote
Angelo Ponzetta, CEO of 12 ReTech Corporation stated, “The Company has restored operations related to the 12 Fashion Group and the 12 Retail Corp store at the Mohegan Sun Resort, and while both operations are not at pre-pandemic levels, we have made good progress in getting there.”
Technical Data
RETC stock is trading below the 20-Day and 50-Day Moving averages of $0.0004 and $0.0005 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0014. The stock is down 33% in the past month.
