Shares of Destiny Media Technologies (OTCMKTS:DSNY) have been consolidating over the past week after the recent fall.
On Tuesday, DSNY stock ended flat at $1.30 with 14.5k shares, compared to its average volume of 4.8k shares. The stock has moved within a range of $1.3000 – 1.4100 after opening trade at $1.41.
Makers of Play MPE, cloud-based SaaS solution for digital asset management in music industry, Destiny Media Technologies (OTCMKTS:DSNY), on November 23, 2021 announced financial results for the fiscal year ending August 31, 2021.
In its highlights, President and CEO Fred Vandenberg said that the growth was 9.1% to reach $4.172 million. The CEO anticipates robust growth in its independent label revenues leading to total annual increase of 23.1% for the year.
Vandenberg added that the firm continues to make investments into Play MPE platform as well as business development staffing designed for accelerating revenue growth as well as fresh market acquisitions. The firm is also about to complete transition of administration functions of Play MPE to the web-based platform.
Furthermore, the company is continuing progress in newer markets with expanded use in South America, Canada and Central America. Additionally, it finished trial with Warner Music South Africa leading to a multi-year exclusive agreement.
In its fourth quarter, the firm’s revenues were up by 0.2% to $1.034M. The company’s Independent label revenues up by 23.1% while its Canadian distributions were up more than 500%. Additionally, the company repurchased 185, 285 shares for total cost of $0.260M. Destiny Media also permitted 40,000 stock options for each of the directors as well as to CEO and President Fred Vandenberg, with options exercisable at $1.50.
DSNY stock is trading below the 20-Day and 50-Day Moving averages of $1.38 and $1.42 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.47. The stock is down 12% over the past month.