A leader in the sports connected technology space, Slinger Bag Inc (OTCMKTS:SLBG), came into considerable focus among investors yesterday after the company announced its financial results for the second fiscal quarter.
Trading Data
On Wednesday, SLBG stock surged 13.17% to $1.89 with more than 14k shares, compared to its average volume of 18k shares. The stock has moved within a range of $1.6700 – 1.9400 after opening trade at $1.67.
Earnings Recap
Following the announcement, investors flocked to the stock in a big way and the Slinger stock ended the day with gains of as much as 13%. In this situation, it may be a good move from investors to take a look at some of the highlights from the financial results for the quarter that had ended on October 31, 2021. Mike Ballardia, the Chief Executive Officer of the company, stated that it was a ‘momentous’ quarter for Slinger.
In the second quarter, the company managed to bring in revenues to the tune of as much as $5.4 million and that was a major improvement from the $2.6 million that Slinger had generated in the prior year period. On the other hand, the gross profits for the quarter stood at $2.1 million and that was also an improvement on the $1 million in gross profits that it had recorded in the prior year period.
The net loss, as per GAAP, was $38.8 million and that reflected a significant rise from the net loss of $2.5 million in the year ago period.
Technical Data
SLBG stock is trading below the 20-Day and 50-Day Moving averages of $1.90 and $2.40 respectively. However, the stock is trading below the 200-Day moving average of $3.23.
