There has been no news at all about CirTran Corporation (OTCMKTS:CIRX) for a long time and hence, it was perhaps not a surprise that it was trading in a range on Tuesday. That being said, stocks trading in a range can often breakout as well and hence, it may not be a bad idea to perhaps take a bit of a look into it.
Market Reaction
On Tuesday, CIRX stock ended flat at $0.0552 with more than 375 shares, compared to its average volume of 7.3K shares. The stock moved within a range of $0.0552 – 0.0552 after opening trade at $0.0552.
CirTran 10-Q Filings Shows 157% Growth in Sales and Gross Margins
The company was in the news back on August 20, 2021 when it announced that it had finally submitted its Form 10 Q filing with the United States Securities and Exchange Commission for the fiscal quarter that had ended on June 30, 2021.
The company noted that in that quarter it had managed to make considerable progress in terms of both gross margins as well as sales. CirTran generated net sales to the tune of $700,656 during the quarter but at the same time it needs to be pointed out that it reflected a considerable improvement on the $528,232 in net sales in the prior year period. The gross profits for the quarter stood at $438,245 and that was again an improvement on the gross profit of $332,294 in the prior year period.
Key Quote
Iehab J. Hawatmeh, founder and president of CirTran, said the company “continued to execute our growth plan, even in the face of the pandemic and very challenging economic times. Along with reorders from existing companies and markets,” he said. “CirTran made inroads in numerous areas, including Nevada, where it is now headquartered, as well as in California, Florida, Texas, Utah, Washington and Wisconsin.”
Traders Review
CIRX stock is trading above the 10-Day and 20-Day Moving averages of $0.0531 and $0.0546 respectively. However, the stock is trading below the 200-Day moving average of $0.0604.
