Investors deciding to take some of the profits off the table can often lead to a correct in the stock price and that is what happened with the ICAO Inc (OTCMKTS:ICOA) stock this past Friday.
Trading Data
On Friday, ICOA stock was down 7% to $0.0107 with more than 54.47 million shares, compared to its average volume of 136.03 million shares. The stock moved within a range of $0.0102 – 0.0119 after opening trading at $0.0118.
ICOA Inc. Releases Revenue Projections for 2022 and Beyond
After having clocked gains previously, the stock corrected sharply on Friday and went down by as much as 7%. In this situation, it may be a good idea for investors to note that back on March 3, the blockchain, crypto and decentralised finance firm had made an announcement with regards to its revenues projections for this year and further.
In addition to providing certain details with regards to financial estimates from 2023 through to 2026, ICOA also announced that it was going to fully focus on some of the more encouraging segments of its business. The segments are apparently going to help the company in ‘unleashing’ the power of blockchain.
The company is looking to get into certain segments in a big way. Some of those are wealth management, play to earn gaming and NFTs among others. The company wishes to evolved into a full service blockchain company and that is possibly the reason behind the initial bullish trend in the stock following the announcement.
Key Quote
“Everyone at ICOA is incredibly pleased to publicize our revenue projections and provide an update on our company’s promising projects and subsidiaries. We are also thrilled to have multiple impending collaborations and acquisitions close to being finalized behind the scenes that will add further value to an already healthy-looking forecast. We are filled with gratitude for the support and confidence shown towards our mission and the opportunities it represents,” comments Hadria Wong, CEO of ICOA.
Technical Data
ICOA stock is trading above the 20-Day and 50-Day Moving averages of $0.0083 and $0.0072 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0072.
