Iconic Brands Inc (OTCMKTS:ICNB) Stock On Radar Following Q3 Earnings Update

Yesterday, Iconic Brands Inc (OTCMKTS:ICNB) was in the news after the alcoholic and non-alcoholic beverages manufacturing company announced its financial results for the third fiscal quarter that had ended on September 30, 2022.

Trading Data

On Tuesday, ICNB stock ended flat at $0.1300 with more than 9.50K shares, compared to its average volume of 74.78K shares. The stock moved within a range of $0.1300 – 0.1300 after opening trading at $0.1300.

Iconic Brands Reported Financial Results for Third Quarter 2022

In light of the announcement, it may be a good time for investors to consider taking a closer look at some of the highlights from the financial results. The total revenues generated by Iconic Brands during the quarter came in at $3,162,422 and that reflected a significant rise from the $2,846,437 that it had generated in the prior year period. On the other hand, the cash in hand at the end of the quarter stood at $2,798,401 and that reflected a healthy rise from the cash in hand figure of $2,190,814 on December 31, 2021.

Not too long ago, Iconic Brands had been responsible for launching a new product named Pop Tart Naturals back in October and it is meant for sales through some of the big ticket distributors and retailers. On the other hand, through the course of the third quarter, Tom Martin, the interim Chief Executive Officer, continued to guide the company through its stages of growth.

Technical Data

ICNB stock is trading below the 20-Day and 50-Day Moving averages of $0.13 and $0.15 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.30.