It is almost always the case that prior to the start of a trading day, an investor looks into those stocks which may have made strong upward moves on the previous day. There were a number of stocks that ended the day with notable gains yesterday and one of those was the Iconic Brands Inc (OTCMKTS:ICNB) stock.
The stock came on to the radars of investors in a big way and ended up with gains of as much as 16% for the day. Considering the magnitude of the gains made by the stock it may be a good idea for investors to consider taking a closer look at the company, its business, and the latest developments in order to figure out if it might continue to add to its gains or not.
Trading Data
On Wednesday, ICNB stock surged 16.16% to $0.4472 with 50K shares, compared to its average volume of 51K shares. The stock moved within a range of $0.3900 – 0.4500 after opening trade at $0.3925.
About Iconic Brands
The company is involved in the fast-growing beverage industry and is engaged in the design, development and distribution of both alcoholics as well as non-alcoholic beverages. In this context, it is important to take a look at the work that is done by the company’s fully owned subsidiary unit TopPop. The company is involved in the development of low calories, ready-to-freeze, and ready-to-drink products. The products are sold in environmentally responsible flexible standup packaging. In addition to that, TopPop has also emerged as a significant player in the ready-to-drink cocktails to-go and alcohol ice pop markets.
Another brand that the company controls is Bellissima, created by Christie Brinkley. The brand is involved with environmentally responsible and healthier options in prosecco, still wins and sparkling wines. Iconic has managed to establish a presence in a number of states and also internationally.
Iconic Brands Announces Record Revenues for First Quarter 2022
Yesterday, Iconic Brands was in the news after it announced its financial results for the first fiscal quarter of the year that ended on March 31, 2022. The company managed to clock record revenues for the quarter and that perhaps led to the rally in the stock that was seen yesterday. The company managed to bring in total revenues to the tune of as much as $4,046,797 for the quarter and this worked out to a year-on-year rise of a staggering 538% or $3,412,264. On the other hand, the gross profits for the first quarter stood at $1,841,758 and that reflected a year-on-year rise to the tune of as much as 483%.
At the end of the quarter, Iconic Brands had a cash balance of as much as $7,589,114 and that was a significantly higher figure than the cash balance of $2,190,814 at the end of the previous quarter on December 31, 2021. It should also be noted that during the course of the first quarter Iconic Brands had been successful in completing the first as well as second tranches of financing that it had announced back in July last year. After the closing of the second tranche, the company managed to raise net proceeds to the tune of as much as $10.9 million.
Technical Data
ICNB stock is trading above the 20-Day and 50-Day Moving averages of $0.38 and $0.33 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.44. The company has a total market capitalization of $43.37 million. The stock is up 35% over the past 3-month. .
