Uniroyal Global Engineered Products Inc (OTCMKTS:UNIR) Stock Tanks After Financial Results

This past Friday, Uniroyal Global Engineered Products Inc (OTCMKTS:UNIR) had a fairly tough time in the markets and saw its stock tank by as much as 23% as a consequence. The stock had actually come into focus back on April 1 after it announced its financial results for the fiscal year that had ended on January 2, 2022.

Market Action

On Friday, UNIR stock slumped 23.50% to $1.40 with 2K shares, compared to its average volume of 216 shares. The stock moved within a range of $1.4000 – 1.8300 after opening trade at $1.83.

Earnings Recap

In this situation, it may be a good time for investors to consider taking a look at some of the highlights from the company’s financial results. In the aforementioned fiscal year the company managed to bring in $71,704,995 in the form of net sales and that worked out to a rise of 19.1% from the previous year when net sales stood at $60,218,355.

However, on the other hand, the company’s net losses for the fiscal year actually widened to $1,702,378 and that was considerably higher than the net losses of $1,233,626 in the previous year. Uniroyal managed to bring in earning per common share to the tune of $0.61 and that was a major swing from the loss per common share of $1.19 in the previous year. It now remains to be seen if the stock can actually make a recovery this week.

Traders Note

UNIR stock is trading below the 20-Day and 50-Day Moving averages of $1.83 and $1.86 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 52.

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