Shares of Sunstock Inc (OTCMKTS:SSOK) pulled back sharply on Wednesday. The stock is still up 7% in the past week.
On Wednesday, SSOK stock fell 17.69% to $0.3210 with 5.39k shares, compared to its average volume of 2.1k shares. The stock has moved within a range of $0.3001 – 0.3700 after opening trade at $0.37.
Distributor of precious metals, primarily gold, Sunstock Inc (OTCMKTS:SSOK) on December 1, 2021, announced its financial results for quarter three ending September 30, 2021.
In the results, Sunstock’s net revenues for three months were $4.1 million, a surge of 63% from $2.5 million vis-à-vis 2020. However, during the same period, the company’s Net loss was $330 thousand, compared to $95 thousand profit last year. For the nine months ending September 30, 2021, the company’s Net revenues were $10.2 million, an increase of 31% while its Net loss was $2.2 million.
Jason Chang, CEO of Sunstock, said that the company is pleased with the revenue growth as Mom’s Silver Shop continues to be a leading precious metals retailer in the greater Sacramento metropolitan area.
Chang added that its partnership with Apmex has resulted in an increase in revenue and provides an opportunity to expand e-commerce operations.
The CEO further opined that the company continues to make investments to ensure adequate inventory levels, expand marketing of website as well as improve accounting and backend infrastructure. SunstockInc is engaged in using its wholesale and retail channels for selling precious metals. It does this by acquiring mineral rights and gold mining assets, allowing shareholders to invest in the precious metals sector without adding on to costs.
SSOK stock is trading below the 20-Day and 50-Day Moving averages of $0.38 and $0.45 respectively. However, the stock is trading above the 200-Day moving average of $1.84. The stock is down 45% over the past 3-month.