QuoteMedia Inc. (OTCMKTS:QMCI) is in a range after announcing Q3 2021 financial results for the period ended September 30, 2021.
Market Action
On Wednesday, QMCI stock ended flat at $0.17 with more than 37k shares, compared to its average volume of 38k shares. The stock has moved within a range of $0.1680 – 0.1795 after opening the trade at $0.1680.
22% Revenue Growth for Q3 2021
The company reported a 22% YoY increase in revenue to around $3.819million. For the nine months ending September 30, 2021, revenue was up 23% to around $11.258 million. QuoteMedia reported net income of $154,931 in Q3 2021 compared to Q3 2020 net loss of $75,305.
Board chairman Robert Thompson said the company performed exceptionally in Q3 2021 with substantial revenue as well as year-to-date results. Thompson added that the company is looking to end the year strongly. Most importantly, the company has been expanding its product offerings, growing market share, and exploring new opportunities.
Thompson said the company is in an exciting period, and the future looks promising.The company offers brokerage firms, banks, financial planners, sophisticated investors, and private equity companies an economical and premiums stock market data source. So in the coming weeks, investors should keep an eye on QMCI.
Key Quote
“We are very pleased with our performance”, said Robert J. Thompson, Chairman of the Board. “We experienced very strong revenue growth, both for the quarter and year to date, and we are expecting to finish the year strong. We are continuing to expand our product offerings, grow our market share and explore exciting new opportunities. This is an exciting time for our company, and the future certainly looks bright.”
Traders Note
QMCI stock is trading below the 20-Day and 50-Day Moving averages of $0.18 and $0.18 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.19. The stock is down 11% over the past month.
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