Slinger Bag Inc (OTCMKTS:SLBG) Stock Suddenly Jumps 8%: Here is Why

One of the stocks to have emerged as a notable gainer on Thursday was that of the connected sports technology firm Slinger Bag Inc (OTCMKTS:SLBG). Yesterday, the company came into sharp focus and ended the day with gains of 8% after the company announced the operating results as well as revenues for the second fiscal quarter.

Market Stats

On Thursday, SLBG stock gained 7.56% to $1.85 with more than 36K shares, compared to its average volume of 17K shares. The stock has moved within a range of $1.7700 – 1.8500 after opening trading at $1.80.

Earnings Review

The second fiscal quarter had ended on October 31, 2021. In the second quarter, the revenues stood at $5.4 million and that reflected a year on year rise of as much as 101% from the revenues of $2.6 million generated in the prior year period.

On the other hand, Slinger managed to generate gross profits of $2.1 million in the second quarter and that reflected a year on year rise of 100.4%. However, it should also be kept in mind that the operating losses as per GAAP soared to as much as $35.1 million as opposed to only $0.2 million in the prior year period.

At the same time, it is also important for investors to keep in mind that at this point Slinger is working with its auditor with regards to technical accounting. Once it is completed, the company will file for its 10 Q.

Traders Corner

SLBG stock is trading below the 20-Day and 50-Day Moving averages of $1.99 and $2.48 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.33.