FOMO CORP (OTCMKTS:FOMC) Stock Falls On Profit Booking After Recent Rally

FOMO CORP (OTCMKTS:FOMC) fell 20% after announcing that its SMARTSolutiuon Technologies L.P. (SST) reported record revenues in February 2022.

Market Stats

On Friday, FOMC stock slid 20% to $0.0012 with more than 142.76 million shares, compared to its average volume of 104.58 million shares. The stock moved within a range of $0.0011 – 0.0015 after opening trading at $0.0014.

Key Updates

The subsidiary had revenues of $1.686 million in February 2022 compared to $474,678 in February 2021. In February 2020 and 2019 SST had revenue of $195,453 and $89,188 respectively. The company anticipates the revenue trend to continue in the coming months.

Vik Grover, the CEO of FOMO Corp, stated that SST acquisition defines them, and it brings the company to a whole new level. Grover stated that they are interested in cross-selling clean air/technology to learning institutions and aiding in reopening the country.

FOMO Corp focuses on business incubation and growth by investing and advising emerging enterprises aligned with an acceleration mandate. The company is creating direct investments and affiliations that can help targets access public markets for capital expansion and spin-out alternatives to be independent entities. Therefore investors should keep an eye on FOMC in the coming days.

Traders Corner

FOMC stock is above the 20-Day and 50-Day Moving averages of $0.0009 and $0.0009 respectively. The stock is trading in the neutral zone with the RSI at 59. 

Jon Williams

Jon graduated from the University of Michigan with a degree in finance. He is an avid investor and enjoys reporting on the markets. When he is not in front of a computer he enjoys playing golf and watching basketball.