iCoreConnect Inc. (NASDAQ:ICCT) Stock Rockets 67%: How To Trade Now?
The cloud-based software and technology-provider company iCoreConnect Inc. (NASDAQ:ICCT) is focused on boosting profitability and workflow efficiency through its healthcare and enterprise platform.
iCoreConnect Inc. Announces Agreement to Divest MSP Division to T20 in an Asset Sale, Expecting to Deliver Strategic and Financial Advantages for Investors
On Wednesday, the company announced that it had signed an agreement to divest from its Managed Service Provider Division through an asset sale to The 20 LLC. The news came as a source of considerable bullish sentiments among investors, and the iCoreConnect stock soared by 67% amidst strong interest. The divestment was a strategic move; the company noted and enumerated the key benefits that it would bring.
It was noted that the move would allow iCoreConnect to spread its resources with more effectiveness across its primary lines of business. Moreover, it would allow the management to devote its attention to the core operations and opportunities for growth. The company asserted that such a state of affairs would facilitate better decision-making and success in the longer term.
It would also open up a fresh source of capital that would be allocated towards the reduction of debt and investments in the core businesses. The company also stated that it expected a boost in key financial measures like profit margins following this move. The profit margins in its Managed Service Provider Division had historically generated lower margins in comparison to other businesses.
Technicals
| +/- EMA(20) | 0.43 (+30.23%) |
| +/- SMA(50) | 0.52 (+7.69%) |
| +/- SMA(200) | 1.05 (-46.67%) |
| 5-Day Perf. | +61.71% |
| 1-Month Perf. | +10.89% |
| 3-Month Perf. | -37.78% |
| 6-Month Perf. | -52.14% |
| YTD Perf. | -54.84% |
| 1-Year Perf. | -86.03% |
| RSI(14) | 61.81 |
| ATR(14) | 0.07 |
| ADX(14) | 33.66 |
| Beta (5Y) | 0.41 |