iQSTEL Inc. (OTCMKTS:IQST) Stock Sees Selling Pressure at a Higher Level: Falls 8%

iQSTEL Inc. (OTCMKTS:IQST) fell 8% after releasing a shareholder letter from its CEO Leandro Iglesias. This letter is the latest in a string of frequent updates from its CEO as it works forward to its Nasdaq uplisting goal.

Market Stats

On Thursday, IQST stock fell 7.75% to $0.5950 with more than 790K shares, compared to its average volume of 1.31 million shares. The stock moved within a range of $0.5600 – 0.6495 after opening trading at $0.6450.      

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Iglesias said that although the overall market seems uncertain due to the ongoing pandemic, the Ukraine conflict and the expected interest rate increases, the company’s improving future has become more certain as iQSTEL approaches Nasdaq listing.

Iglesias said that the anticipated audited financial results for 2021 will confirm the company’s prospects. He said they are optimistic that the company’s share price will potentially increase organically to the Nasdaq minimum price listing requirement. For 2021 the company anticipates revenue of $64 million, and the shareholder equity in the audited 2021 financial report will satisfy the Nasdaq minimum listing requirement. These figures are currently not reflected in the company’s stock price. So, IQST is worth keeping an eye on in the coming weeks.  

Traders Corner

IQST stock is trading below the 20-Day and 50-Day Moving averages of $0.62 and $0.63 respectively. However, the stock is trading above the 200-Day moving average of $0.54.