Those who are invested in the Scott’s Liquid Gold Inc (OTCMKTS:SLGD) stock did not have a particularly yesterday as it performed poorly amidst a selloff and ended the day with a decline of as much as 6%.
Trading Data
On Wednesday, SLGD stock ended lower by 6.36% to $1.03 with more than 400 shares, compared to its average volume of 12k shares. The stock has moved within a range of $1.0300 – 1.0300 after opening trade at $1.03.
Scott’s Liquid Gold Announces Sale of Dryel Brand
Yesterday, the company came into considerable focus after it made an announcement with regards to the fact that it had sold the Dryel brand. The company noted that back on December 23, 2021 it had sold the Dryel brand to the Indiana based company Summit Brands. Summit Brands is well known for marketing and distributing cleaning products that are meant for households.
TishaPedrazzini, who is the President of Scott’s Liquid Gold, spoke about the transaction as well. She stated that the sale of the Dryel brand was an important step in the company’s wider plan to streamline and reorganise the brands that it had in its portfolio.
She went on to add that it not only strengthened the balance sheet of Scott’s Liquid Gold but also provides the company with a platform to generate more cash and growth in 2022. Although the investors did not seem particularly interested, it will be interesting to see if the Scott’s Liquid Gold stock can bounce back.
Key Quote
“The completion of this transaction is a key step in our journey to reshape and streamline our portfolio of brands,” said Tisha Pedrazzini, President of Scott’s. “It meaningfully strengthens our balance sheet and positions us to focus on growth and cash generation as we enter 2022.”
Technical Data
SLGD stock is trading below the 20-Day and 50-Day Moving averages of $1.04 and $1.44 respectively. However, the stock is trading below the 200-Day moving average of $2.30.
