Shares of ParkerVision (OTCMKTS:PRKR) ended lower on Monday after the company announced quarterly earnings.
Market Reaction
On Monday, PRKR stock fell 6.67% to $1.12 with more than 64k shares, compared to its average volume of 43k shares. The stock has moved within a range of $1.1000 – 1.2000 after opening trade at $1.20.
Earnings Recap
Developer and marketer of technologies and products for wireless applications, ParkerVision (OTCMKTS:PRKR), on November 15, 2021 announced results for three and nine months respectively.
The company confirmed reaching an agreement with Zyxel Communications Corporation in September 2021. Furthermore, it said that Texas District court gave a good Markman recommendation in its infringement actions against Hisense and TCL. It is also awaiting new trial date in ParkerVision v. Qualcomm in the Middle District of Florida.
Jeffrey Parker, Chairman and Chief Executive Officer said that the firm is keen on resolving outstanding patent action with Zyxel as licensee.
Parker added that more parties joining Buffalo and Zyxelwill become licensees of its patented technologies in near future even as the Texas court efficient ruling will further show the unique technologies.
The CEO added that the district court in Orlando will be issuing rulings on outstanding motions in Qualcomm case and is hopeful on a trial date in the near term.
In its results, the company said that it had a Net loss for quarter three of $2.1 million vis-à-vis net loss of $1.7 million. On the other hand, its Net loss for nine months ending September 30, 2021 was $9.0 million. Lowering of net loss was on account of decrease in litigation fee and expenses of 2020.
Key Quote
Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are pleased to be able to resolve our outstanding patent action with Zyxel as a licensee of our technologies. We are hopeful that additional parties will join Zyxel and Buffalo and become licensees of our patented technologies in the near future under comparable royalty rates. The Texas court continues to move efficiently, and we believe the claim construction rulings to date demonstrate the Court’s understanding of the unique technologies at issue and the merits of our claim construction positions.”
Traders Review
PRKR stock is trading below the 20-Day and 50-Day Moving averages of $1.19 and $1.23 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.32. The stock is down 28% over the past 3-month.
