The cannabis firm AmeriCann Inc (OTCMKTS:ACAN) has had an up and down ride over the course of the past few days and it could be a good idea for investors to consider tracking the stock. Yesterday, the stock suffered from a selloff and went down by 3% for the day following a key announcement.
Trading Data
On Tuesday, ACAN stock slid 3.42% to $0.5650 with more than 3.4k shares, compared to its average volume of 25k shares. The stock has moved within a range of $0.5650 – 0.6000 after opening trade at $0.60
AmeriCann Generates 225% Year-Over-Year Revenue Growth
However, despite the fall, it should not be forgotten that the stock has actually performed strongly in the past week and is still up by as much as 7% during the period. Yesterday the company came into focus after it announced that from the calendar year of 2020 to 2021, the year on year growth in its revenues was more than 225%.
That is a significant jump for any company and hence, it goes without saying that it was a positive for AmeriCann. However, it seems that the news did not lead to much of excitement among investors and the stock suffered from a selloff.
The company noted that the jump in revenues had primarily been brought about by the higher revenues generated by the products that had been produced at the Building 1 facility. It might be interesting to track the stock and see if it can make a turnaround straightaway.
Technical Data
ACAN stock is trading below the 50-Day and 200-Day Moving averages of $0.58 and $0.91 respectively. However, the stock is trading above the 200-Day moving average of $0.55.
