There were a number of stocks which clocked significant gains on Monday and one of those was that of Skynet Cloud Systems Inc (OTCMKTS:SKKY), which soared by as much as 35% amidst heavy action.
Market Action
On Monday, SKKY stock soared 35.45% to $0.3790 with 1k shares, compared to its average volume of 6.5K shares. The stock has moved within a range of $0.2825 – 0.3839 after opening trade at $0.3839.
Earnings Recap
In this context, it should be noted that the company was actually in the news yesterday after it made a significant announcement. The company announced its financial results for the fiscal year that had ended on October 31, 2021. Skynet reported that it had managed to bring in revenues of as much as $1830459 for the year and that was significantly higher than the revenues of $1,506,929 that it had generated in the 2020 fiscal year.
That reflected revenues growth as much as 21.9% year on year. In addition to that, Skynet also reported that in addition to the growth in profitability it also ended the fiscal year with a strong cash balance.
Andrew Thomas, who is the Chief Executive Officer of Skynet, spoke about the company’s performance as well. He stated that sales were on an upward trend in 2021 and the strong cash position is going to help Skynet in investing towards more growth in 2022. It may be a good time to add the stock to your watch lists.
Key Quote
“2021 was a milestone year for Skkynet technical innovations,” said Paul Thomas, President of Skkynet. “The new DataHub® features combined with the Skkynet DataHub service on Azure can turn the dream of the real-time enterprise into reality. Expanding a real-time approach from the production line to management and then to the whole enterprise is where manufacturing is headed. Our solutions are leading the way.”
Traders Note
SKKY stock is trading above the 10-Day and 20-Day Moving averages of $0.2978 and $0.3332. Moreover, the stock is trading is the neutral zone with RSI stands at 55.
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