Yesterday the BioLargo Inc (OTCMKTS:BLGO) stock was in focus among investors after the company announced that it had posted strong numbers in the first fiscal quarter and that sent the stock soaring by as much as 7% for the day.
Trading Data
On Wednesday, BLGO stock moved up 6.56% to $0.2151 with more than 224k shares, compared to its average volume of 379K shares. The stock moved within a range of $0.2020 – 0.2298 after opening trade at $0.2020.
Key Details
The company announced that it had a record breaking quarter and its revenues jumped by as much as 60% year on year. That had been possible due to the contributions made by its subsidiary unit ONM Environmental and its engineering units. In the quarter that had concluded on March 31, 2022, the company reported that it had managed to generate revenues to the tune of as much as $900,000.
In this context, it is perhaps necessary to point out that the revenues generate by ONM Environmental came in at a staggering $550,000 and the rest of the revenues were contributed by the engineering subsidiary.
In addition to that, the company also noted that ONM Environmental and the engineering unit had both progressed well and are now on course to turn profitable. It may now be a good time for investors to perhaps add the BioLarge stock to their watch lists and watch out for the price action over the coming days.
Key Quote
BioLargo noted that ONM Environmental brings to the table a team with “extensive expertise” on the design and operation of waste handling facilities, and BioLargo Engineering has veteran engineers with decades of experience designing and integrating complex projects as well as specific expertise in the area of waste-to-energy conversion.
Technical Data
BLGO stock is trading below the 20-Day and 50-Day Moving averages of $0.23 and $0.24 respectively. However, the stock is trading below the 200-Day moving average of $0.21.
