Yesterday, Retractable Technologies Inc (NYSEAMERICAN:RVP) was in the news after it announced its financial results for the first fiscal quarter of 2022. However, the performance did not seem to have impressed investors as the stock went into a downward spiral and ended up with a decline of as much as 5%.
Trading Data
On Tuesday, RVP stock moved down 5.25% to $3.79 with more than 212K shares, compared to its average volume of 170K shares. The stock moved within a range of $3.7700 – 4.0500 after opening trade at $3.99.
Earnings Recap
The company revealed that in the first quarter it generated net income to the tune of as much as $9.7 million and that proved to be a considerable decline from the net income of as much as $23.4 million in the prior year period.
On the other hand, Retractable Technologies brought in net sales of as much as $44.7 million during the quarter and that was again lower than the net sales of $50.1 million in the first quarter of 2021. The decline in revenues was primarily a function of lower volume of revenues generated through the United States government.
That being said, the government still remained a major client for Retractable and contributed as much as $15.8 million in net sales. In the prior year period, the government had contributed as much as $37.8 million in the form of net sales.
Technical Data
RVP stock is trading below the 20-Day and 50-Day Moving averages of $3.96 and $4.26 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.53.
