ABCO Energy Inc (OTCMKTS:ABCE) Stock Takes a Hit After Announcing Quarterly Earnings

ABCO Energy Inc (OTCMKTS:ABCE) fell deeper into oversold territory last week shedding about 6% in market value even as it delivered results for the nine months ended September 30, 2021. The stock has shed more than 80% in value year to date.

Market Stats

On Thursday, ABCE stock fell 5.71% to $0.0066 with 1.14 million shares, compared to its average volume of 930K shares. The stock has moved within a range of $0.0056 – 0.0070 after opening trading at $0.0070.

Earnings Recap

Together with its subsidiaries, ABCO Energy operates as an electrical product and services supplier in the US. It sells and installs solar photovoltaic electric systems used to generate solar energy in residential and business properties.

For the nine months, the electrical product and services supplier delivered sales of $998,228, an improvement from $768,133 delivered the same period last tear. Sales in the two periods reflected changing market conditions in financing solar installations in Arizona.

The cost of sales for the nine months fell to $619,173 compared to $715,739 for the same period last year. Gross margins landed at 38% of revenue compared to just 7% of the revenue in the same period the previous year. Greater sales and high-profit margins saw the company’s net loss narrow. Consequently, ABCO Energy, Inc.’s net loss fell to $318,563 compared to $602,875 for the first nine months of last year.

Key Quote

“We are very proud of our production and sales staff for the accomplishments for the nine months of 2021,” says David Shorey, President. “Especially because we are still locked in the horns of the COVID-19 pandemic.”

Traders Corner

ABCE stock is trading below the 20-Day and 50-Day Moving averages of $0.0095 and $0.0144 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0300.