Cyberlux Corporation (OTCMKTS:CYBL) Stock Down 9% In a Week: But Why?

Advanced technology platform firm, Cyberlux Corporation (OTCMKTS:CYBL), which is involved in LED lighting solutions, infrastructure tech and renewable energy among others, has seen its stock perform poorly in the past week. During the course of that period, the stock has suffered from a strong selloff and gone down by as much as 9% as a consequence.

Market Action

On Wednesday, CYBL stock ended flat at $0.0224 with more than 27.10 million shares, compared to its average volume of 105.86 million shares. The stock has moved within a range of $0.0212 – 0.0235 after opening trade at $0.0230.

Raises its Revenue Guidance for 2022 by 47% for the Full Year

In this situation, it ought to be noted that on Wednesday, the company was actually in the news and made a key announcement that investors could consider looking into. The company boosted its revenue projections for its revenues for the full year 2022 to $44.8 million from the $30.5 million.

That reflects a boost of as much as 47%. It goes without saying that it was a major announcement from the company and at the same time, it was something that ought to be seen as a positive by investors. However, it did not lead to any upward move in the stock. However, that was not all. Cyberlux also announced that it was also expecting its net income for the full year 2022 to grow significantly on the positive side. It will be interesting to see if it leads to any boost for the Cyberlux stock in the coming days.

Traders Note

CYBL stock is trading below the 50-Day and 20-Day Moving averages of $0.0257 and $0.0344. Moreover, the stock is trading is the neutral zone with RSI stands at 40.

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