If you are currently looking into stocks which may have recorded notable gains this past Friday, then you may actually have a lot of options to choose from. There were a number of companies which had seen their stocks soar and one of those was InnerScope Hearing Technologies Inc (OTCMKTS:INND).
Last Friday, it was one of the companies which had come into the radars of investors in a big way and had managed to clock gains of as much as 12% for the day. In light of such gains, it is fairly likely that the stock is going to come into the radars of investors this morning. This article is going to give you a fairly detailed look into the sort of business that InnerScope Hearing Technologies is involved in and also provide you with a lowdown of the latest developments so that you have a clear idea about the situation.
Trading Data
On Friday, INND stock moved up 12.24% to $0.0160 with 93.01 million shares, compared to its average volume 38.89 million shares. The stock moved within a range of $0.0157 – 0.0175 after opening trade at $0.0163.
About The Company
As the name suggests, InnerScope Hearing Technologies is involved in the hearing solutions business and is known for providing a wide range of products to address the issue. In addition to that, it is perhaps necessary to note that the company also seeks to provide such products at affordable prices and there is a significant demand for such products at affordable rates. The hearing assistive devices, Personal Sound Amplifier products and hearing aids among others are all registered by the United States Food and Drug Administration. The company has devised a business model that seeks to breach the barriers that have barred many patients from having access to hearing aid products at affordable rates.
InnerScope Hearing Technologies (OTC: INND) Reports Record Revenues for a Profitable Q2 2022
Last Friday, the company had come on to focus among investors in such a big way because it had reported a strong performance in the fiscal second quarter that had ended on June 30, 2022. InnerScope Hearing Technologies managed to bring in consolidated net revenues to the tune of as much as $6910386 for the second fiscal quarter and that proved to be a record setting number.
Additionally, it proved to be a major turnaround considering the fact that in the previous quarter when the company had only managed to bring in revenues of $404676. However, that was not even the biggest takeaway from the financial results. The significant jump in revenues also led to InnerScope Hearing Technologies bringing in net profit of as much as $3881620 for the quarter. It reflected positive EBITDA to the tune of as much as 56% for the quarter.
In the six months that ended on June 30, 2022 the company managed to bring in revenues of as much as $7,315,062 and that reflected a massive jump from the revenues of only $47,392 in the same period in 2021. On a year on year basis, the revenues in the second quarter reflected a year on year rise of a staggering 15,435%. It was also announced that in the third quarter of the year, InnerScope Hearing Technologies had already managed to fulfill and deliver orders with the total value of $4,000,000 so far.
Technical Data
INND stock is trading above the 20-Day and 50-Day Moving averages of $0.0120 and $0.0078 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0085. The company has a total market capitalization of $92.94 million. The stock is up 185% over the past month.