9 Labs Corp (OTCMKTS:INLB) Stock Falls Ahead of Quarterly Earnings

It was a tough day in the markets for those who had invested in Item 9 Labs Corp (OTCMKTS:INLB) as the company’s stock went through a strong selloff and went down by as much as 8% as a consequence.

Market Action

On Tuesday, INLB stock fell 8.26% to $1 with 2.6K shares, compared to its average volume of 17.7K shares. The stock moved within a range of $0.9608 – 1.0900 after opening trade at $1.09.

Item 9 Labs Corp. to Host its Second Quarter Fiscal Year 2022 Earnings Call on May 16 at 4:30 p.m. ET

The cannabis company, which is vertically integrated and is known for producing high end award winning products, was in the news yesterday after it made a key announcement. Item 9 Labs announced yesterday that it was going to have its conference call aimed at discussing its financial results for the second fiscal quarter that ended on March 31, 2022, on May 16.

In addition to that, it was also noted that the company was going to announced is financial results and file the 10-K on the same days. The conference call is scheduled to commence at 4:30 in the evening Eastern time. Last week the company had been in the news as well after it announced that it had sped up the growth of its franchise dispensary model Unity Rd.

The expansion has been successful as Unity Rd outlets have been opened up across the United States and across a range of markets over the course of the past two months.

Traders Note

INLB stock is trading below the 20-Day and 50-Day Moving averages of $1.10 and $1.15 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 42.

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