Those who are currently looking into the action in the premarket trading period could consider taking a look at the TOMI Environmental Solutions Inc (NASDAQ:TOMZ) stock. The stock has emerged as a notable gainer in the premarket trading period and has managed to record gains of as much as 8% so far.
While it is true that there has been no news about the company, it might be a good idea for investors to take a look at some of the developments from the recent past. The company, which is involved in decontamination and disinfection through its Binary Ionization Technology platform, announced its financial results for the first fiscal quarter back in May.
The net revenues generated by TOMI in the quarter stood at $2.1 million, which was considerably lower than the revenues of $7.1 million that were generated in the prior year period.
On the other hand, the gross margins in the quarter came in at 59.6%, which was again lower than the gross margins of 63.6% in the prior year period. The Chief Executive Officer of the company Dr. Halden Shane stated that the steep drop in this quarter is a reflection of the massive rise in business last year due to the onset of the coronavirus pandemic.
Market Reaction:
On Thursday, TOMZ stock moved up 4.50% at $2.77 with more than 89k shares, compared to its average volume of 101k shares. The stock had moved within a range of $2.6300 – 2.8500 after opening the trade at $2.63. Over the past 52-week, the stock has been trading within a range of $2.4000 – 17.0400.
 Stock Gains Momentum: Here is Why){kind=link}