Digital consumer acquisition services providing company Logiq Inc (OTCMKTS:LGIQ) saw its stock suffer from a selloff on Friday after it announced its financial results for the fourth fiscal quarter and the full year, both of which ended on December 31, 2021.
Trading Data
On Friday, LGIQ stock fell 8% to $0.85 with more than 195k shares traded, compared to its average Friday of 52k shares. The stock moved within a range of $0.8300 – 0.9900 after opening trading at $0.8773.
Logiq Reports Fiscal Year and Record Q4 2021 Financial Results
The stock declined by as much as 8% on Friday and it is going to be interesting to see if it can make a recovery this week. In the financial year 2021, the company managed to generate gross profits to the tune of $11.1 million, which reflected a rise of as much as 73.8%. The revenues for the fiscal year came in at $37.3 million.
On the other hand, Logiq also managed to boost its gross margins percentage to as much as 29.6% during the financial year and that proved to be a massive improvement on the 16.8% in gross margins a year ago.
The fourth quarter performance also proved to be quite strong as the company managed to bring in $13.1 million in revenues and managed to surpass its own projections by as much as $800,000. Logic also noted that it expects the revenues in 2022 to go up 30% year on year.
Technical Data
LGIQ stock is trading below the 20-Day and 50-Day Moving averages of $1.03 and $1.24 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.27.
