iQSTEL Inc. (OTCMKTS:IQST) Stock Pulls Back 10% After releasing Quarterly Earnings
iQSTEL Inc. (OTCMKTS:IQST) fell 10% on Monday, but the stock is up 20% in a week. The company issued a letter from its CEO Leandro Iglesias informing shareholders about the company’s Q3 financial position and achievements.
Market Stats
On Monday, IQST stock fell 10.60% at $0.55 with more than 8.67 million shares, compared to its average volume of 834K shares. The stock has moved within a range of $0.5311 – 0.7415 after opening trading at $0.64.
Earnings Review
Iglesia said the company is in a better financial position thanks to the successful execution of its business strategy. Since February 2021, the company has been debt-free, and no Reg-A shares have been sold since March. In addition, the QoQ improvements in net income put iQSTEL on track to break even in the near term.
Notably, the company’s continued tech products and services expansion has already made it a global tech market contender with various cutting-edge offerings serving immigrants across the globe. The services include EV mobility, telecommunications, and a fintech ecosystem enhanced by the company’s B2B services with a novel Blockchain Platform and Internet of Things. As a result, the company now has offerings for an addressable market of more than $100 billion. So, in the coming months, IQST is worth watching.
Traders Corner
IQST stock is trading above the 20-Day and 50-Day Moving averages of $0.47 and $0.47 respectively. However, the stock is trading below the 200-Day moving average of $0.66. The stock is up 20% in the past month.
