FCUV & VERB: Two tech stocks gaining traction

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FCUV & VERB: Two tech stocks gaining traction

 FCUV & VERB: Two tech stocks gaining traction
Image source: Phornphan Boonkrachai,Shutterstock

Highlights

  • Focus Universal Inc. (FCUV) started trading on NASDAQ on Aug 31, 2021. Since its launch, the stock gained 66%, based on the closing price of Oct 4, 2021.
  • Verb Technology Company, Inc. stock is down around 8% on Tuesday after closing at a high of 18.46% on the previous day. 
  • Verb will host a technology event named ‘verbLIT’ on Oct 7. It also plans to participate in a conference themed “Benzinga Rising Stars: Catalytic Small-Cap Growth” on Oct 7. 

Stocks of Focus Universal Inc. (FCUV) and Verb Technology Company, Inc. (VERB) were gaining traction on Tuesday for no apparent reason.

The FCUV stock traded at US$8.95, up 5.54%, and the VERB stock traded at US$2.30, down 0.43%, in the pre-market session at around 9:10 am ET on Tuesday.

Focus Universal Inc. (NASDAQ: FCUV) 

Focus manufactures smart devices, including Universal Smart Instrumentation platform, sensors, ubiquitor, etc., using the Internet of things (IoT) and 5G.

The FCUV stock fell 42 percent over the past one month, compared with the decline of nearly 7.5 percent of the Global X Internet of Things ETF (Nasdaq: SNSR) in the same period.

The Ontario, California-based company has a market cap of US$366.8 million. The trading volume on Oct 4 was 2,405,699, more than double the previous trading day. The stock closed at a 9.42% higher on Oct 4.

For the three months ended June 30, 2021, Focus’ revenue was US$261.7 thousand, down 40 percent, compared with US$434.5 thousand in the corresponding period a year ago.

The net loss was US$480 thousand or US$0.01 per share diluted compared with US$627.7 thousand or US$0.02 per share diluted for the June quarter of 2020. 

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The company started trading on NASDAQ on August 31, 2021. It has 21 employees. 

FCUV announced the pricing of the public offering on Aug 30 and completed the sale on Sep 2. The gross proceeds from the offering, including underwriters’ over-allotment option, were US$11.5 million.  

Since its launch in August, the stock gave a 66% return at the closing price of Oct 4, 2021. Its 30-day average volume is 3,574,772.00. 

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Trending technology stocks: Focus Universal Inc. (FCUV) and Verb Technology Company, Inc. (VERB) 

Source - pixabay

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Verb Technology Company, Inc. 

The stock is down on Tuesday after closing at a high of 18.46% on the previous day. The technology company provides software-as-a-service, a cloud-based product accessed from desktops and mobile phones. 

The Utah-based technology company holds a current market capitalization of US$156 million. The company has 104 employees.

The stock closed at US$2.31, with a share volume of 5,948,209 on Oct 4. 

On Oct 4, the company announced to host a technology event named ‘verbLIT’ on Oct 7 on its shoppable video platform verbLIVE. VERB will showcase its latest sales tool technology at the verbLIT event. It also announced separately to terminate its at-the-market (ATM) securities sales, effective immediately “in the best interest of stockholders”.  

However, the stock has been gaining traction after these developments. The stock is in a correction mode on Tuesday with around a 4.5 percent plunge. 

Also, on Tuesday, the company announced that its CEO Rory J. Cutaia would attend the event themed “Benzinga Rising Stars: Catalytic Small-Cap Growth Conference” on Oct 7.  

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VERB posted total revenue of US$2.39 million for the quarter ended June 30, 2021, as compared to US$2.65 million in the year-ago period. The total revenue includes SaaS recurring subscription revenue, welcome kits and fulfilment and shipping revenue.

The net loss was US$11.8 million or US$0.19 per share diluted compared to a net loss of US$3.42 million or US$0.11 per share diluted for the June quarter of the previous year.

On the one hand, the net loss per common share increased by almost 73 percent, attributed to the change in fair value of derivative liability besides increased operating expenses.

The stock gave a 37 percent return YTD. Its 30-day average volume is 1,986,555.00. 

Also Read: US markets retreat as technology stocks dip

Bottomline

US markets have witnessed big declines in tech stocks in recent sessions. Apple, Microsoft, Twitter, Nvidia, Adobe and Salesforce, among others, were trading in the red. Also, Facebook declined nearly 5 percent after a sudden, brief global breakdown of its platforms a day before. Therefore, investors should weigh the firms carefully before investing in the stock market.

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