12 ReTech Corporation (OTCMKTS:RETC) Stock Sees Selling Pressure: Down 30%

12 ReTech Corporation (OTCMKTS:RETC) fell 30% on Friday. Recently the company announced the filing of its Q3 form 10-Q with the US SEC for the quarter ending September 30, 2021.

Market Stats

On Friday, RETC stock fell 33% at $0.0002 with more than 673.21 million shares, compared to its average volume of 220.21 million shares. The stock has moved within a range of $0.0002 – 0.0003 after opening trading at $0.0003.

Earnings Recap

The financial results were filed to represent the company’s combined operations with its subsidiaries in the third quarter and for the nine months ending September 30, 2021. In the third quarter, the company had gross sales of $190,876 compared to $68,052 a year ago, representing a YoY increase of 180.3%. It is vital to note that most of last year’s revenue was generated before the pandemic in January and February.

For the third quarter, the company had a GAAP loss of $5.33 million compared to a net profit of $6.68 million a year ago, representing a 193.9% YoY drop.Gross sales for the first nine months of 2021 was $511,603, increasing 13.4% YoY, while GAAP net loss was $7.505 million representing a drop of 193.9% YoY.So, RETC is a stock to keep an eye on in the coming weeks.

Key Quote

Angelo Ponzetta, CEO of 12 ReTech Corporation stated, “The Company has restored operations related to the 12 Fashion Group and the 12 Retail Corp store at the Mohegan Sun Resort, and while both operations are not at pre-pandemic levels, we have made good progress in getting there.”

Traders Corner

RETC stock is trading in neutral zone with the RSI at 32. The stock has key supports at 0.0001, 0.0001, 0.0002 and resistances are 0.0003, 0.0003, 0.0004. The stock is down 50% in the past month.