Iqstel Inc (OTCMKTS: IQST) is currently down by 4%. The company, which previously closed at $0.38, is now at $0.36. While this isn’t a significant drop, the company’s stock has declined all week. For this reason, investors might want to hold off from buying Iqstel.
Trading Data
On Thursday, IQST stock slid 4.04% to $0.3637 with more than 303K shares traded, compared to a volume of 781K shares. The stock moved within a range of $0.3602 – 0.3789 after opening trading at $0.3749.
About Iqstel Inc
Iqstel Inc is a company that operates via two divisions. These are the B2B and B2C divisions. The two divisions work separately and have different brands. They also focus their operations in distinct locations. For instance, the B2B division operates globally. It offers blockchain technology, the internet of things, and telecommunications services. The B2C division, on the other hand, works primarily in Latin America and for U.S Spanish speakers. It offers electric motorcycles and fintech services.
Iqstel sells its products in 15 countries. It provides services and products to different industries, including financial, electric vehicle, and telecommunication sectors. Moreover, it has been a debt-free company since February 17, 2021.
IQST – iQSTEL Issues Update On Progress Toward 2022 $90 Million Revenue Forecast
Iqstel recently released its management update for 2022. Along with the announcement, the company assured its investors it was on track to reach its $90 million forecasts. Furthermore, the company is preparing to be published on the Nasdaq exchange list.
The company also told its investors that it is about to complete the acquisition of Whisl and Smartbiz. Iqstel intends to incorporate the businesses into its IQSTelecom brand. Additionally, the company expects the purchases to add $11.6 million in annual revenue and a positive net income of $1.36 million. These companies will also help Iqstel surpass its $90 million forecasts.
The company has also stated that it will wait for market conditions to improve before continuing its plans for listing on the Nasdaq exchange. This move would allow the company’s share value to grow organically and reach the required minimum for listing.
Moreover, Global Money One, the company’s fintech division, has made new partnerships to enable the business to grow. Its partnership with Cooitza Guatemala Cooperative is still in progress. Its electric vehicle business is also performing well and has received positive reviews from clients in Spain, Venezuela, Panama, Miami, and Texas.
Technical Data
IQST stock is trading below the 20-Day and 50-Day Moving averages of $0.40 and $0.45 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.52.
