Whenever a company provides an update to its shareholders, it may often have an effect on its stock and hence, it may be a good move for investors to consider having a closer look into it.
Trading Data
On Thursday, IQST stock ended flat at $0.3600 with more than 606.22K shares, compared to its average volume of 446.15K shares. The stock moved within a range of $0.3302 – 0.3700 after opening trade at $0.3595.
IQST – iQSTEL Releases CEO Shareholder Letter with 2022 YTD Execution Update and 2023 Business Foundations Plan
Yesterday, iQSTEL Inc (OTCMKTS:IQST) was in the news after it came up with an update in a shareholders’ letter with regards to its outlook for the future. The letter was from the Chief Executive Officer of the company Leandro Iglesias and it may be a good idea for investors to take a look at some of the highlights.
In the letter, he noted that iQSTEL was on course to generate revenues in excess of $90 million that had been projected for the 2022 financial year. More importantly, he announced that some of the new business divisions like the Internet of Things, Electric Vehicles, and Financial Technology were going to start generating revenues in this financial year.
In the second quarter of 2022, the cash burn rate for iQSTEL had been less than $100,000 a month and the management was working on reducing further in the coming months. It was also noted that the company was hoping to generate net income in the fourth fiscal quarter of 2022.
Technical Data
IQST stock is trading above the 20-Day and 50-Day Moving averages of $0.35 and $0.34 respectively. However, the stock is trading below the 200-Day moving average of $0.49. The company has a total market capitalization of $53.64 million.
