Investors are often on the lookout for stocks that may have gained momentum and if you are looking for such a stock then you could consider taking a look at the Vivos Therapeutics Inc (NASDAQ:VVOS) stock this morning. The company was in the news yesterday after it came up with an update with regards to the delays in the announcement of its second fiscal quarter financial results.
Trading Data
On Monday, VVOS stock moved up 1.63% to $1.25 with 62K shares, compared to its average volume of 41k shares. The stock moved within a range of $1.1720 – 1.2800 after opening trade at $1.20.
Vivos Therapeutics Provides Update on Second Quarter Earnings Delay
The Chairman and Chief Executive Officer of the company Kirk Huntsman spoke about the situation as well. Huntsman noted that although the delay has been a source of disappointment for the company, he provided assurances that it had nothing to do with the all-around health of the business.
He went on to note that it had unrelated to the sort of progress that Vivos Therapeutics had made through the course of the year either. The delay has been caused by the necessity to have a technical revaluation of the company’s revenue recognition rules.
That was an important announcement from the company and may have come as a significant reassurance to investors. It now remains to be seen if the Vivos Therapeutics stock can manage to gain momentum in the coming days.
Key Quote
“We are disappointed it is taking longer than usual to report our financial and operating results for the second quarter,” stated Kirk Huntsman, Chairman, and CEO of Vivos. “Importantly, we want to provide assurances that the delay is unrelated to the overall health of our business or the progress we believe Vivos has been making during 2022 but rather is due to a required technical reevaluation of our revenue recognition policy.”
Technical Data
VVOS stock is trading below the 20-Day and 50-Day Moving averages of $1.28 and $1.32 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.14. The company has a total market capitalization of $28.75 million.
