Luxury lifestyle and digital brads collection curator Digital Brands Group Inc (NASDAQ:DBGI) saw its stock gain some much needed momentum on Monday and it may be a good idea now to take a closer look at the events from yesterday.
Trading Data
On Monday, DBGI stock gained 4.18% to $0.2490 with more than 12.13 million shares, compared to its average volume of 1.98 million shares. The stock moved within a range of $0.2200 – 0.2644 after opening trade at $0.2421.
Earnings Recap
On Monday Digital Brands Group announced its financial results for the first fiscal quarter that had ended on March 31, 2022. The company reported that it had generated net revenues to the tune of $3.4 million and that worked out to a massive 704% year on year growth from the $0.4 million in revenues that it had generated in Q1 2021.
On the other hand, the gross profit went up by $1.7 million and that reflected a gross profit margin of 42.9%. In the prior year period the margin had been a negative 50.8%. The net loss per diluted share was $0.59 a share for Digital Brands Group and that was again a major turnaround, considering the fact that in the prior year period the net loss per diluted share had been $4.55.
It is easy to see why the Digital Brands Group gained momentum and it may be a good move for investors to start taking an interest in the stock.
Key Quote
“Our first quarter 2022 results reflect another quarter of meaningful improvement in our business results,” said Hil Davis, Chief Executive Officer of Digital Brands Group.
Technical Data
DBGI stock is trading below the 20-Day and 50-Day Moving averages of $0.53 and $1.11 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.21.
