The new trading week started off on a fairly sour note for investors in Industrial Nanotech Inc (OTCMKTS:INTK) as the stock went into a fairly strong downward spiral and ended the day with a decline of as much as 24% as a consequence.
Trading Data
On Monday, INTK stock slumped 24% to $0.0097 with 20.93 million shares, compared to its average volume of 9.49 million shares. The stock moved within a range of $0.0092 – 0.0125 after opening trade at $0.0124.
About Industrial Nanotech
The company is involved in the development, manufacturing, and marketing of insulation products on an industrial scale by deploying nanotechnology. The products are available both in the United States and in the rest of the world. It offers a wide range of products starting from corrosion and thermal protection coatings to mold-resistant and clean energy-saving coatings. Industrial Nanotech had been established in 2005 and is based out of the city of Naples in Florida.
Industrial Nanotech, Inc Provides Revised Revenue Guidance
In light of the steep fall in the stock, it may be the right time for investors to attempt to figure out if the slide is going to continue or if the industrial Nanotech stock could make a recovery fairly quickly. The company came into focus among investors yesterday after it announced revised revenues projections and it was quite clear that investors were not particularly happy with the state of affairs.
The Chief Executive Officer of the company Stuart Burchill noted that originally Industrial Nanotech had projected that it was going to double its revenues every quarter throughout the course of 2022. However, that goal has proven to be difficult to achieve. He noted that the global economic landscape and supply chain issues are the two major factors behind the climb down.
He noted that the company was not going to surpass the $6 million mark in terms of revenues in the second fiscal quarter of 2022 and went on to add the Industrial Nanotech expected that the revenues for that particular period was going to be closer to the $5 million mark.
On the other hand, he noted that in the final quarter of 2022, Industrial Nanotech expected to hit revenues of $16 million instead of the originally projected $24 million. It was a significant announcement from the company and one that could have considerable ramifications for the stock.
Key Quote
Stuart Burchill, CEO of Industrial Nanotech, states, “Our quarterly revenue numbers continue to grow exponentially and remain greater than any other period in the Company’s history.”
Technical Data
INTK stock is trading below the 10-Day and 20-Day Moving averages of $0.0143 and $0.0193 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0186.
