The reporting of financial results can often bring about a movement in a company’s stock and that is what happened with the AmeriCann Inc (OTCMKTS:ACAN) stock yesterday.
Trading Data
On Wednesday, ACAN stock went down 4.25% at $0.5750 with more than 22k shares, compared to its average volume of 15k shares. The stock has moved within a range of $0.5700 – 0.6495 after opening trade at $0.6348.
Earnings Recap
The cannabis company was in the news yesterday after it announced its financial results for the quarter as well as for the fiscal year, both of which ended in September this year. After the announcement, the stock tanked by 3% but at the same time, it should be noted that the AmeriCann stock is still up by as much as 4%. In this situation, it may be a good idea to take a look at some of the highlights from the financial results.
It should be noted that AmeriCann managed to deliver four consecutive quarters in which it managed to grow its revenues and that eventually led to the generation of a profit in the quarter that ended on September 30, 2021.
In the fiscal year ended on September 30, 2021, the company managed to grow its revenues by as much as 303% year on year. In monetary terms, the rise in revenues amounted to as much as $1,525,039. Despite the fall in the stock price, it may be a good idea to keep AmeriCann on your radars.
Key Quote
“AmeriCann’s financial performance and strong cash flow for the quarter reflect the strength of our operations,” stated President Tim Keogh. “The fact that we achieved positive net income with just the initial phase at our Massachusetts Cannabis Center having been completed is an excellent indicator of the future financial success for the Company.”
Technical Data
ACAN stock is below the 20-Day and 50-Day Moving averages of $0.61 and $0.70 respectively. Moreover, the stock is below the 200-Day moving average of $1. The stock is down 25% in the past 3-month.
