If you are currently looking into autonomous technology companies, then it might well be the right time to consider adding the Embark Technology Inc (NASDAQ:EMBK) stock to your watch lists.
Trading Data
On Wednesday, EMBK stock moved up 16.10% to $1.66 with more than 13.82 million shares traded, compared to its average volume of 1.33 million shares. The stock moved within a range of $1.4200 – 1.8200 after opening trading at $1.82.
Embark Announces First Quarter 2022 Financial Results
The company, which is mainly involved in the development of autonomous technology meant for the trucking industry, was in the news on Tuesday after it announced its financial results for the fiscal quarter that ended on March 31, 2022. The stock was on the move on Wednesday and had ended the day with gains of as much as 16% amidst heavy interest. It may now be a good move from investors to take a look at some of the highlights from the financial results.
At the end of March 31, 2022 the company recorded cash and cash equivalents to the tune of $244.5 million. The net losses for the quarter came in at $18.4 million and that was higher than the net losses of $8.5 million that the company had suffered in the prior year period. However, it appears that investors are still bullish about the long term prospects of Embark Technologies and that was possibly the reason behind the rally that was seen yesterday.
Key Quote
“We continue to make steady progress on our mission to create a safer, more efficient, and more sustainable trucking industry,” said Alex Rodrigues, CEO of Embark.
Technical Data
EMBK stock is trading below the 20-Day and 50-Day Moving averages of $4.35 and $5.02 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.42.
