On Thursday, AmBase Corporation (OTCMKTS:ABCP) was in the news after it announced its financial results for the first fiscal quarter that ended on March 31, 2022. In light of the announcement, it may be a good idea for investors to take a look at some of the highlights from the financial results.
Market Reaction
On Thursday, ABCP stock ended flat at $0.31 with 4.2K shares, compared to its average volume of 5.3K shares. The stock moved within a range of $0.3100 – 0.3100 after opening trade at $0.3250.
Ambase Reports Results For The Three Months Ended March 31, 2022
The company announced that it suffered a net loss of as much as $1,057,000 for the quarter and that worked out to a per share loss of $0.03. While the net loss was substantial, it is also necessary to note that in the year ago period, the company had suffered a net loss of $1635000, which worked out to per share loss of $0.04 a share.
Hence, despite the substantial loss, it ought to be kept in mind that AmBase actually managed to reduce its losses. On the other hand, the operating expenses for the period came in at $1.057 million and that was again lower than the operating expenses of $1.635 million in the prior year period. At this point in time, it is going to be interesting to see how the AmBase stock behaves after the latest financial results.
Traders Review
ABCP stock is trading below the 20-Day and 50-Day Moving averages of $0.32 and $0.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.31.
