Clean energy products manufacturing leader Tecogen Inc (OTCMKTS:TGEN) saw its stock suffer from a bit of a selloff on Friday as it ended the day with a decline of 3%.
Market Action
On Friday, TGEN stock slid 3.23% to $1.20 with 4K shares, compared to its average volume of 3.7K shares. The stock moved within a range of $1.1600 – 1.2000 after opening trade at $1.16.
Earnings Review
As it happens, the company was actually in the news on Thursday after it announced its financial results for the first quarter that had ended on March 31, 2022. It may be a good time for investors to take a closer look at it and then figure out if the stock is going to be able to make a comeback any time soon. Tecogen generated revenues of as much as $7.4 million for the quarter and on top of that the net income during the same period stood at $89,000.
In this context, it ought to be noted that it was improvement on the $6.1 million that Tecogen had generated in the prior year period. It could be possible that investors were possibly looking for a bigger improvement and hence were left disappointed.
The net profit in the prior year period had been $1.8 million and hence, that also took a big hit on a year on year basis. It remains to be seen how the stock performs today.
Traders Note
TGEN stock is trading below the 20-Day and 50-Day Moving averages of $1.44 and $1.54 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 32.
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