Wireless application marketing and development company ParkerVision Inc (OTCMKTS:PRKR) has had a fairly harrowing time in the markets in the past week and has seen its stock tank by as much as 21% during the period.
Trading Data
On Tuesday, PRKR stock gained 5% to $0.2625 with more than 47K shares traded, compared to its average Tuesday of 194K shares. The stock moved within a range of $0.2300 – 0.2625 after opening trading at $0.2410.
ParkerVision Reports 2021 Results
The company was in focus on Tuesday after it announced its financial results for the fiscal year that had ended on December 31, 2021. It may now be a good time for investors to consider taking a look at some of the highlights from the financial results and then make their minds up about the ParkerVision stock.
ParkerVision managed to reduce its losses in the fiscal year to $12.3 million, which worked out to $0.17 per share from $19.6 million in 2020. The loss per share in 2020 had been $0.42 a share. The losses were reduced by as much as 37% year on year and that was a significant drop.
On the other hand, ParkerVision used up cash to the tune of as much as $7.7 million from operations and that reflected a significant rise from the figure of $4.8 million back in 2020. It now remains to be seen if the stock can bounce back in the coming days.
Key Quote
Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are pleased to have resolved our outstanding patent actions with Zyxel and Buffalo aslicensees of our technologies. We are hopeful that additional parties will join Zyxel and Buffalo and become licensees of our patented technologies in the near future under comparable royalty rates. The Texas court continues to move efficiently, and we believe the claim construction rulings to date demonstrate the merits of our claim construction positions. Our first of two infringement actions against Intel is scheduled for trial in approximately eight months and three additional trials are scheduled in Texas within five months following this first Intel trial. We look forward to presenting the facts of our cases to Texas juries.”
Technical Data
PRKR stock is trading below the 20-Day and 50-Day Moving averages of $0.43 and $0.71 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.08.
