IGEN Networks Stock Continues to Get Attention After the Recent news
The Internet of Things (IoT) things space may be relatively new, but it is one of the fastest-growing niches in tech, and nowadays, more and more people are using such connected devices. IGEN Networks Corp (OTCMKTS:IGEN) is involved in providing consumers with a range of IoT cloud-based services that include Drive Behavior and Stolen Vehicle Protection, among others. The company’s shares are listed in both Canada and the United States.
In the CSE, it trades under the symbol IGN, while in the OTCQB, the stock trades under the symbol IGEN. There was no specific news with regards to the company last week, but the stock rallied by as much as 26% this past Friday. In light of that rally, it could be worthwhile for investors to take a closer look at some of the recent developments around IGEN this year.
The company had announced its financial results for the full year 2019 back in May, and there were significant positive takeaways for investors. IGEN generated revenues of $723,819 for the year and that too, with gross margins of 36%. On top of that, IGEN also managed to generate a gross profit of $295,788. However, one of the most important things to take away from the performance was the major reduction in costs.
IGEN’s success in reducing its costs saw the company limiting its net losses to $441073. In the previous financial year, the company had suffered net losses to the tune of as much as $1175320. Hence, the performance this year must have come as a positive for most market watchers.
However, in addition to that, IGEN also made some important announcements. The company announced that REMCOOP and Wireless Business Consultants (WBC) had been recruited as the new distributors for its enterprise sales and Spring SMB channels.
On the other hand, IGEN also notified that it received Sprint IoT factory orders by way of which it is going to manage the vehicles leased by Ride-Share in the New York Tri-State area. The Chief Executive Officer of the company Neil Chan stated that the revenues generated by the company were almost entirely made up of new business that IGEN had managed to attract.
While it is true that there has been no recent news with regards to IGEN, it should be noted that the stock has been traded quite active over the course of the past few months. During that time, the volumes rose considerably as well, and eventually, the stock price experienced an uptick as well.
The latest announcements from the company with regards to its relationship with Sprint further provide an indication as to why investors are excited about it. Investors could do well to keep an eye on this stock in the coming days.
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