Shares of Midwest Energy Emissions Corp (OTCMKTS:MEEC) have been moving within a narrow range.
Market Reaction
On Tuesday, MEEC stock fell 2.25% to $0.8651 with more than 188k shares, compared to its average volume of 111k shares. The stock has moved within a range of $0.8570 – 0.8900 after opening trade at $0.89.
Earnings Recap
Midwest Energy Emissions Corp (OTCMKTS:MEEC) on November 16, 2021 came out with quarter three revenues of $5.0 million, 78% year-over-year increase. This was mainly due to higher sorbent product sales because of greater supply demand in coal-fired market besides expansion of customer base.
ME2C also witnessed adjusted EBITDA of about $562,000, up from $24,000 during the same period last year.
CEO Richard MacPherson said that the efforts of last year for monetizing patented technologies have started to materialize in quarter three of 2021 as the company witnessed highest revenue quarter in over three years.
He further added that multi-year supply contract showed the firm’s ability to add significant incremental supply business and business-first approach to defending IP position. Finally, the CEO said that the company continues to execute strategy by securing an additional licensing contract with a utility. The firm had cash balance of $866,000 on September 30, 2021, 47% higher than on December 31, 2020.
ME2C further said it has seen quarter-over-quarter growth through 2021 and is expecting to witness robust growth through the fourth quarter. The company is a leading environmental technologies company delivering patented and proprietary solutions for power industry. The firm’s leading-edge services have achieved emissions removal at lower cost and less operational impact than the methods being used currently.
Traders Review
MEEC stock is trading above the 20-Day and 50-Day Moving averages of $0.85 and $0.78 respectively. However, the stock is trading below the 200-Day moving average of $1. The stock is down 6% over the past 3-month.
