Voyager Digital (OTCMKTS:VYGVF), which is best known for operating a cryptocurrency trading platform, was not in the news yesterday but its stock suffered from a selloff nonetheless and went down by as much as 8% for the day.
Trading Data
On Wednesday, VYGVF stock went down 8.15% to $2.14 with more than 782K shares, compared to its average volume of 650K shares. The stock moved within a range of $2.0780 – 2.3800 after opening trade at $2.38.
Voyager Digital Q3 earnings reflect user growth, but transaction revenue slid
In this context, it is necessary to note that the company had announced its earnings for the third fiscal quarterback earlier this week on Monday and it may be a good idea to take a look into it. The company’s earnings was a bit of a mixed bag as although it did manage to grow the number of funded accounts and users on a year-on-year basis, the transaction revenues dropped.
The company also made a loss of $0.36 a share for the quarter and that proved to be higher than the $0.12 a share worth of losses that had been predicted by analysts. However, on the other hand, the revenues for the quarter came in at $102.7 million and that proved to be higher than the analysts’ estimates of $100.17 million. In the prior-year period, the company had managed to generate revenues of only $60.44 million.
Key Quote
Looking forward, “with the recent changes to our rewards model and actively addressing our cost structure to ensure an efficient use of capital, we are working toward a goal of returning to positive operating income, after adding back stock-based compensation, in early calendar 2023,” said Co-founder and CEO Steve Ehrlich.
Technical Data
VYGVF stock is below the 20-Day and 50-Day Moving averages of $3.18 and $4.60 respectively. Moreover, the stock is trading above the 200-Day moving average of $10.17.
