Despite the instability witnessed in the market today, there are stocks that wield potential for future growth in the long term. One stock investors should be following is Ultrack Systems Inc. (OTCMKTS:MJLB), which offers transport and logistics solutions. In the last session, the stock dropped 21%, and it could be advisable to watch it dip.
Trading Data
On Wednesday, MJLB stock slumped 21.50% to $0.0078 with 9 million shares, compared to its average volume of 1.1 million shares. The stock moved within a range of $0.0072 – 0.0120 after opening trade at $0.0110.
About Ultrack Systems
The company, with headquarters in Concord, Ontario, is a publicly-traded business that trades on the OTCMARKETS trading under the ticker sign MJLB. Ultrack Systems offer GPS tracking services. Notably, the company designs, build and distributes tracking and electronic monitoring systems for businesses in the leasing, construction, transportation, disposal, and other services-driven industries. The Ultrack Systems platform offers real-time tracking, alarms, and reports on a web-based platform. The company’s goal is to deliver the greatest fleet tracking, reporting, and customer service available. In 2022, the company hopes to introduce a brand-new ELD solution in collaboration with well-known companies that will completely revolutionize the trucking sector.
Ultrack’s Newest Acquisition M-Loan Inc. Reports Highest Corporate Revenue Ever in 2021
The total fleet-management GPS monitoring and tracking solutions provider announced that its latest acquisition, “M-Loan Inc.,” posted its highest corporate in its history in FY2021, therefore almost tripling Ultrack System’s overall revenue. Commenting on M-Loan’s record revenue year, CEO of Ultrack Michael Marsbergen said that they fully bought M-Loan considering its strategic footprint, which it offers Ulttrack in US markets while adding value to the company’s bottom line. In addition, he explained that he is working to build a brand across North America and attain the vision of fleets of trucks conducting operations under the Ultrack banner.
M-Loan has been in operations since 2004, offering services in the US tacking sector with a focus on the West-coast financing market. Currently, the US tracking sector has the highest GDP relative to any other market. The flagship ELD from Ultrack has been handed over to Transport Canada after passing more than 90% of third-party clearance tests. The company’s testing organization stays in touch with Transport Canada, and Ultrack is doing everything it can to guarantee final approval and quick implementation of the device once clearance comes through.
Key Quote
Ultrack CEO Michael Marsbergen proudly commented on M-Loan’s record year: “Ultrack fully acquired M-Loan Inc. because of the strategic footprint it provides the Company within broader USA markets while immediately adding additional value to Ultrack’s bottom line. With M-Loan’s record revenue year I am proud to say that Ultrack has basically tripled our overall corporate revenue. I am working towards building the Ultrack brand throughout North America and realizing the vision of fleets of North American trucks doing business all under the Ultrack banner.”
Technical Data
MJLB stock is trading below the 20-Day and 50-Day Moving averages of $0.0106 and $0.0178 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0341.
