Every other day investors are almost always on the lookout for stocks that may have gained strong momentum and for good reason too. Stocks with momentum may often end up generating gains for many days and if you are looking for momentum stocks this morning then you could take a look at the Nanophase Technologies Corporation (OTCMKTS:NANX) stock.
Trading Data
On Wednesday, NANX stock gained 2.61% to $3.14 with 53K shares, compared to its average volume of 17K shares. The stock moved within a range of $2.9500 – 3.1400 after opening trade at $3.07.
Nanophase Reports Record Revenue for Second Quarter as Growth Continues
The company is involved in providing science-driven minerals-based healthcare solutions and on Wednesday, it had come into focus after it announced its financial results for the fiscal quarter that ended on June 30, 2022. The numbers proved to be strong and that is perhaps the source of the momentum in the Nanophase Technologies Corporation stock.
The company managed to generate record revenues to the tune of as much as $11.2 million and it made up the second consecutive quarter in which Nanophase Technologies Corporation managed to deliver record revenue numbers. Jess Jankowski, who is the Chief Executive Officer of the company, spoke about the performance as well.
Jankowski noted that the record revenue growth in the second fiscal quarter was largely driven by the company’s Solesence business. It is now going to be interesting to see if the Nanophase Technologies Corporation stock can go on a rally or not.
Key Quote
“We are pleased to see a second consecutive quarter of record growth as our Q2 revenues top $11.2 million, driven largely by our Solésence business,” said Jess Jankowski, Chief Executive Officer. “As sun care permeates beauty categories to become a daily and year-round part of consumers’ lives, our brand partners are seeing great success with products that cross into both skincare and cosmetics categories. Our focus on growth over the past 24 months has led us to the strong position we now occupy in the market.”
Technical Data
NANX stock is trading above the 20-Day and 50-Day Moving averages of $3.10 and $3.08 respectively. However, the stock is trading above the 200-Day moving average of $3.38. The company has a total market capitalization of $153.86 million. The stock is up 25% over the past year.
