While it is true that the IGN Networks Corporation (OTCMKTS:IGEN) stock has been one of the more notable gainers over the past week, the stock corrected quite sharply on Monday and declined by as much as 33%.
Trading Data
On Monday, IGEN stock slumped 33% at $0.0055 with more than 145.67 million shares, compared to its average volume of 15.82 million shares. The stock has moved within a range of $0.0052 – 0.0086 after opening trade at $0.0086.
Secures GSA Multiple Award Schedule Contract
Although the correction was quite deep, it should be noted that the stock is still up by as much as 66% over the past week. There was no fresh news about the company yesterday and hence, the decline in the stock may even have been brought about by a case of profit booking from investors.
The company is involved in the Internet of Things and cloud based solutions space and is primarily involved with protecting as well as managing mobile assets. Back on December 3, the company announced that it had qualified for the GSA Multiple Award Schedule Contract.with some of the federal and state government entities.
The qualification is a major boost for the company since it will now allow IGN Networks to market it products directly to certain government agencies. Considering the fact that government contracts can often be highly lucrative it could prove to be a long term boost for IGN Networks.
Key Quote
“Combined with our GSA/VA contract status, we now have the process to facilitate transactions with the Counties across all US government markets. In preparation we have increased our inventory levels to 2500 hardware activation units for the next quartile period,” said Neil G Chan, CEO of IGEN Networks Corp. The diversity of government assets along with the self-insurance of these assets creates an excellent fit with the capabilities of our Medallion GPS Fleet Platform.”
Technical Data
IGEN stock is trading above the 20-Day and 50-Day Moving averages of $0.0047 and $0.0053 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0080. The stock is up 20% in the past month.
