If a stock clocks significant gains over a reasonable period of time, then it may be a good time for investors to take a closer look. This brings us to the question of EVmo Inc (OTCMKTS:YAYO), which had been in considerable focus among investors over the past month and ended up delivering gains of 30% during the period.
Trading Data
On Wednesday, YAYO stock gained 1.78% to $0.43 with more than 42K shares, compared to volume of 72K shares. The stock moved within a range of $0.4248 – 0.4517 after opening trade at $0.43.
EVmo Reports Second Quarter 2022 Financial Results
As it happens, the company was in fact in the news yesterday after it announced its financial results for the second quarter that had ended on June 30, 2022. EVmo announced that it had generated revenues to the tune of $2.9 million in the quarter, which worked out to a year on year rise of 8.5%.
The rideshare and delivery gig company also announced that it had managed to raise non-dilutive financing back in the first quarter. This financing is going to allow EVmo to add as many as 400 new vehicles on a quarterly basis.
On the other hand, the positive shareholders’ equity for the quarter came in at $7 million and that reflected a major turnaround from the negative equity of as much as $4.4 million in the prior year period. It now remains to be seen if the EVmo stock can continue to add to its gains or not.
Key Quote
“Our long-planned rapid fleet expansion is now well underway, which we believe will drive meaningful top-line growth in the quarters ahead,” commented Stephen Sanchez, CEO of EVmo. Looking further ahead, we anticipate fleet growth will accelerate in 2023 and are targeting a minimum 25% growth in the number of new vehicles we add to our fleet quarterly, with longer term targets well in excess of that growth.”
Technical Data
YAYO stock is trading above the 20-Day and 50-Day Moving averages of $0.41 and $0.38 respectively. However, the stock is trading below the 200-Day moving average of $0.48. The company has a total market capitalization of $30.10 million. The stock is up 19% over the past month.
