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%.
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.
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.
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.