It was a good day in the markets for investors in the beverage and media company Entertainment Arts Research (OTCMKTS:EARI) as the stock soared by as much as 13% for the day.
Market Action
On Wednesday, EARI stock moved up 13.33% to $0.0680 with 400 shares, compared to its average volume of 10.9K shares. The stock moved within a range of $0.0680 – 0.0680 after opening trade at $0.0680.
EARI Beverage Group Issues Annual Shareholder Update and Letter from the CEO
Yesterday, the company came into the news cycle after it provided a corporate update through a letter from its Chief Executive Officer Bernard Rubin. It may be a good idea for investors to perhaps take a look at some of the highlights from that letter to get a better idea about the rally. In the letter it was noted that following the completion of the first full year as a beverage company, Entertainment Arts had managed to exceed its expected revenues by as much as 20%.
It goes without saying that it was a major development and one that may have come as a source of significant optimism for investors. In 2021, the company managed to bring in revenues of $1.3 million and that proved to be a significant turnaround from the 2020 fiscal year, when it brought in no revenues at all. It was in the first quarter of 2021 that Entertainment Arts had started repositioning the company as a diversified beverage entity.
Traders Note
EARI stock is trading below the 20-Day and 50-Day Moving averages of $0.0641 and $0.0608 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 54.
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