BIMI International Medical (NASDAQ:BIMI) Stock Consolidates After The Big Jump
The BIMI International Medical (NASDAQ:BIMI) stock has been one of the major gainers this week so far and has clocked gains of as much as 55% so far.
Market Stats
On Wednesday, BIMI stock fell 1.50% to $0.9850 with more than 12.70 million shares, compared to its average volume of 7.56 million shares. The stock has moved within a range of $0.8330 – 1.0300 after opening trading at $0.9254.
Why The Jump?
However, on Wednesday, the stock was in the middle of a period of consolidation. In light of such a situation, it might well be the right time for investors to consider taking a closer look into the rally enjoyed by the BIMI stock this week. Two years ago, the company had pivoted to the healthcare space and had become involved in the ‘consumer directed health products’. At this point in time, the company commands a market cap of as much as $35.759 million.
It was the company’s earnings report for the third fiscal quarter that had resulted in the strong rally in the stock. BIMI managed to generate revenues of as much as $13.78 million for the quarter and that reflected a year on year rise of a staggering 345.7% from the prior year revenues of only $3.09 million. On the other hand, the gross profit for the quarter had also gone up to as much as $2.03 million and that reflected a year on year rise of as much as 688.7%.
Traders Corner
BIMI stock is trading above the 20-Day and 50-Day Moving averages of $0.77 and $0.73 respectively. However, the stock is trading below the 200-Day moving average of $1.24. The stock is up 60% in the past month.
