If a company moves into a new business altogether then it is generally regarded as major news and hence, it may be a good time to consider taking a look at digital consumer acquisition solutions company Logiq Inc (OTCMKTS:LGIQ).
Trading Data
On Wednesday, LGIQ stock ended flat at $0.4050 with more than 157.03K shares, compared to volume of 69.56K shares. The stock moved within a range of $0.4050 – 0.4500 after opening trade at $0.4173.
Logiq Enters the Roofing Market, Further Expands its Presence in the Home Improvement Vertical
The company announced yesterday that it was making a move into the roofing space in order to further expand its interests in the fast growing home improvement market. Brent Susan, who is the Chief Executive Officer of the company, spoke about the latest move as well. Susan noted that everyone at the company was ‘thrilled’ at the possibility of expanding into the roofing market.
He noted that the team at the company had worked quite hard in order to add this services to the home improvement offerings from Logiq. As per research from IBIS World, roofing is the 16th biggest industry in the United States at this point in time and is worth $102 billion in the Americas.
By 2030, the industry could grow into a $156 billion behemoth, according to Morrissey Construction. At this point, the number of roofing companies number over one hundred thousand and hence, there could be a sizeable opportunity for Logic.
Key Quote
“I am thrilled about our roofing industry expansion, as our team has worked hard to develop and add this vertical to our home improvement offering,” said Brent Suen, Chief Executive Officer. “We’re excited about the growth potential in this market and are always looking at new opportunities to serve our clients that will also be beneficial to our revenue and margin growth thereby building shareholder value.”
Technical Data
LGIQ stock is above the 20-Day and 50-Day Moving averages of $0.29 and $0.29 respectively. However, the stock is trading below the 200-Day moving average of $0.94. The stock is down 65% over the past 6-month.
