AquaBounty Technologies Inc (NASDAQ:AQB) Stock Erases Recent Gains: Here is Latest Development

Land focussed aquaculture firm AquaBounty Technologies Inc (NASDAQ:AQB) has seen its stock go on a bit of a rollercoaster ride in recent days. This past Friday the stock suffered from a fairly strong selloff and went down by as much as 21%.

Trading Data

On Friday, AQB stock plunged 21.24% to $1.52 with more than 4.18 million shares, compared to its average volume of 1.27 million shares. The stock moved within a range of $1.5000 – 1.8500 after opening trade at $1.75.

Earnings Recap

While the drop in the stock price was considerable, it ought to be noted that it is still up by 5% over the past week. As it happens, the company came into focus last Thursday after it announced its financial results for the fourth fiscal quarter as well as the full year that had ended on December 31, 2021.

The company managed to generate revenues to the tune of as much as $1.17 million for the full year and that was considerably higher than the $128000 that it had generated in the previous fiscal year. In addition to that, AquaBounty also noted that the scale of its harvest at the PEI and Indiana farms had also been going up at a good pace. 

On the other hand, the operating expenses for the full year came in at $23.3 million. In the prior year, the operating expenses had stood at $16.4 million. It remains to be seen if the stock can bounce back today.

Key Quote

“The fourth quarter of 2021 was highlighted by the continued ramp up of commercial production with the harvest and sale of our proprietary GE salmon at our Albany, Indiana and Prince Edward Island, Canada farms,” said Sylvia Wulf, Chief Executive Officer of AquaBounty. “During the quarter we harvested 91 tons of salmon, an 8% improvement over the third quarter, enabled by production capacity improvements and the hiring of additional staff. Commercial interest in our nutritious salmon, which is free of antibiotics and other contaminants, has been impressive and we continue to receive orders for the entire output from our farms.

Technical Data

AQB stock is trading below the 20-Day and 50-Day Moving averages of $1.55 and $1.70 respectively. However, the stock is trading below the 200-Day moving average of $3.64.