The slide in the Ascent Solar Technologies Inc (OTCMKTS:ASTI) stock continued on Monday as the stock declined by another 18% amidst heavy selloff. The latest decline from the stock has taken its losses to as much as 35% over the past week.
There has been no fresh news about the company that could explain the continued slide in the stock over the past week, however, it might be a good move to take a look at Ascent Solar’s financial results for the quarter that ended on March 31, 2021. The financial results were announced by the company back on May 25.
In the first fiscal quarter, Ascent Solar managed to generate revenues of $165000, which was considerably higher than the $4000 worth of revenues that it had generated in the prior year period. That being said, it is also necessary for investors to keep in mind that from January through to September last year, the company had been dormant owing to the COVID 19 pandemic and financial difficulties.
For most of 2020, Ascent Solar had gone through restructuring and recapitalisation initiatives before it started its operations against in October 2020. That explains the significant rise in revenue from Q1 2020 to Q1 2021.
Market Reaction:
On Monday, ASTI stock slid 18% to $0.0142 with more than 228.25 million shares, compared to its average volume of 49.36 million shares. The stock has moved within a range of $0.0138 – 0.0200 after opening the trade at $0.0175. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0970.
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