iCoreConnect (OTCMKTS:ICCT) Recurring Revenue Jumps to $7.2MM

If you are currently looking into stocks that managed to record significant gains on Tuesday then you could do well to take a look at the iCoreConnect (OTCMKTS:ICCT) stock.

Market Action

On Tuesday, ICCT stock gained 22.64% to $0.0797 with 246K shares, compared to its average volume of 159K shares. The stock moved within a range of $0.0700 – 0.0830 after opening trade at $0.0700.

iCoreConnect Annual Recurring Revenue Grows to $7.2MM from $1.7MM for Fiscal 2021

The company announced its financial results for the full fiscal year of 2021 on Tuesday and the numbers proved to be strong. As a consequence, the stock soared by as much as 22%. In this situation, it may be a good idea for investors to consider taking a closer look at the company’s financial results and then make their minds up about it.

The company reported that annual recurring revenues stood at $7.2 million and that reflected growth of as much as 323% from the annual recurring revenue of $1.7 million in the previous year. On the other hand, the actual revenues for the year came in at $4.9 million and the represented year on year growth of as much as 133% from the $2.1 million it had brought in back in 2020.

Last but certainly not the least, the number of subscribers stood at 14000 by the end of the fiscal year. At this point, it may be a good idea for investors to consider adding the stock to their watch lists.

Traders Note

ICCT stock is trading below the 50-Day and 200-Day Moving averages of $0.0819 and $0.1160 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 51.

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