On Wednesday, there were a number of stocks which had managed to clock notable gains and one of those was that of SMG Industries Inc (OTCMKTS:SMGI), which ended up with gains of as much as 10%.
On Wednesday, SMGI stock jumped 9.50% to $0.2190 with more than 1K shares, compared to its average volume of 5.32K shares. The stock moved within a range of $0.2190 – 0.2190 after opening trade at $0.2190.
SMG Industries, Inc. Announces Preliminary Unaudited Revenue Results for the Third Quarter 2022
The transportation services company came into focus yesterday after it announced its preliminary unaudited financial results for the third quarter that had ended on September 30, 2022. The company announced that it had managed to bring in revenues to the tune of $18.8 million for the quarter and that reflected a year on year rise of as much as 27% from the $14.7 million that it had generated in the corresponding period in 2021.
On the other hand, the revenues for the nine month period that ended on September 30, 2022 SMG Industries had managed to bring in consolidated revenues of around $53.1 million. That worked out to a year on year rise of 53% from the revenues that had been generated by the company in the prior year period. The rise in revenues was primarily due to the rise in volumes as well as pricing of the industrial division at SMG Industries. Additionally, the revenues from the brokerage revenues generated by 5J Logistics Services was also a factor. In 2021, those revenues had not been a factor.
Mr. Matt Flemming, Chairman of SMG, stated, “The Company continued to experience volume and price growth in its industrial division and additional project work with its heavy haul transportation business. Continued efforts in diversification and growth drive our pursuit of accretive acquisitions.”
SMGI stock is trading above the 20-Day and 50-Day Moving averages of $0.20 and $0.19 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.21. The company has a total market capitalization of $7.66 million.