The rally in the Skkynet Cloud Systems Inc (OTCMKTS:SKKY) stock continued yesterday as investors piled on to it in a big way and sent it soaring by as much as 23%. The latest rally in the stock took the gains over the course of the past week to as much as 35%. In order to get a better idea about the rally investors need to take a better look into the nature of the company and its operations.
On Wednesday, SKKY stock surged 23% to $0.16 with 25K shares, compared to its average volume of 10K shares. The stock moved within a range of $0.1600 – 0.1600 after opening trade at $0.16.
About The Company
Skkynet Cloud Systems is a company with a global presence and is regarded as an innovative operator in the real time information systems space. The company offers a platform that offers a wide range of services that can be of significance for a number of industries. The platform also offers real-time connectivity of data and no programming is necessary for it to work. It can be used in both industrial as well as financial systems.
More importantly, the platform is one for the future since it is believed to be perfect for both the ‘Internet of Things’ and also ‘Internet 4.0’. Unlike other systems that are on offer with similar functions, the one offered by Skkynet Cloud Systems is actually secure by dint of the way it has been designed.
Skkynet Continues Strong Growth with Q2 2022 Financial Results
Yesterday, the stock was on the move after it announced its financial results for the period that ended on April 30, 2022. It may now be a good move for investors to consider taking a look at some of the highlights of the financial results.
The revenues for the second quarter came in at $540,093 and that was a record figure. In addition to that, the revenue figure also reflected a year-on-year rise of as much as 20.6% from the revenue figure of $447,972 in the prior-year period. On the other hand, the comprehensive loss suffered by Skkynet Cloud Systems during the second fiscal quarter stood at $19,475, and that represented a significant drop from the comprehensive loss of $26,373 in the prior-year period. It may be a good move for investors to consider adding the stock to their watch lists.
“Skkynet’s Q2 2022 results maintain our continuous revenue growth over the last 24 months. We’re seeing strong momentum in the market as projects delayed by the pandemic are now coming back on-line,” stated Andrew Thomas, CEO. “There is also a significant demand for cybersecurity solutions, as well as the need for OT/IT data collaboration.”
SKKY stock is trading above the 20-Day and 50-Day Moving averages of $0.13 and $0.14 respectively. However, the stock is trading below the 200-Day moving average of $0.45.