Innovative hemp based wellness and nutritional products providing company Endexx Corporation (OTCMKTS:EDXC) may come into focus among investors today in light of the latest announcement from the company. The company announced yesterday that it had submitted its Form 10Q for the first fiscal quarter that had ended on December 31, 2021.
Trading Data
On Wednesday, EDXC stock moved down 2.44% to $0.0400 with more than 673K shares traded, compared to its average volume of 311K shares. The stock moved within a range of $0.0400 – 0.0500 after opening trading at $0.0500.
Earnings Recap
The company noted that it had continued on its recovery path and had managed to grow following the troubles it had faced for two years owing to the coronavirus pandemic. Hence, the announcement may have come as a source of optimism for many investors and it is going to be interesting to see if the stock can manage to gain some traction in the coming days.
That being said, Endexx did add that the supply chain issues continued to have an impact on packaging as well as the availability of individual ingredients. That may have a factor when it comes to production of some of main product sets in the 2022-23 period. The company managed to bring in as much as $274,591 in revenues in the first quarter and that proved to be a significant improvement on the revenues of $148,786 in the prior year period.
Key Quote
“The first quarter showed continued rebound and growth in revenues,” stated CEO Todd Davis. Davis added, “As the business mix is balancing from ecommerce and specialty stores sales dominance to a stronger presence in Mass Retail in 2022, we continue to expand store count and shelf space with 2,800 new doors and are excited that our ‘Muscle and Joint’ balm and cream products are firmly the top two SKUs in volume and sales in their first six months on shelf.”
Technical Data
EDXC stock is trading below the 20-Day and 50-Day Moving averages of $0.0348 and $0.0374 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0494.
