After the company announced its financial results for the first fiscal quarter of 2022 yesterday, U.S. Well Services Inc (NASDAQ:USWS) saw its stock take a beating and end the day with a decline of as much as 8%.
Trading Data
On Monday, USWS stock went down 8.20% to $0.56 with more than 6.44 million shares, compared to its average volume of 6.16 million shares. The stock moved within a range of $0.5012 – 0.6388 after opening trade at $0.61.
Earnings Review
In light of such a decline, it may be a good time for investors to take a closer look at some of the highlights from the financial results. U.S. Well Services managed to generate revenues of as much as $41.2 million for the quarter and that worked out to a year on year rise of as much as 6% from the revenues of $38.9 million in the prior year period.
The rise in revenues was primarily brought about by higher business activity and also improvement in pricing. In addition to that, the actual utilization of the active fleets at U.S. Well Services stood at 94% for the quarter. In the previous quarter, the same figure had been 82% only.
The cost of services for the quarter, without amortization and depreciation, actually went down to $40.7 million. In the previous quarter, the figure had been $41.4 million. It may be a good time for investors to add the U.S. Well Services stock to their watch lists.
Key Quote
“Despite the challenges we continued to face throughout much of the first quarter of 2022, I am proud of what our team accomplished,” commented Kyle O’Neill, the Company’s President and CEO.
Technical Data
USWS stock is below the 20-Day and 50-Day Moving averages of $0.81 and $1.02 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.74.
