While we typically don’t discuss earnings announcements on micro cap companies very often in these pieces, today is an exception. In an industry that hasn’t been talked about in a positive way since the beginning of Covid-19, this small diving and boating company is up big in mid-morning trade.
Brownie’s Marine Group Inc. (OTCQB:BWMG) popped after it announced a 98.6% increase in net revenues for the fiscal third quarter of 2020. In addition, adjusted net income was $309,200 versus -$113,000 in the same period last year. This news was a breath of fresh air as it made traders eager to get their hands on shares of this Florida-based company. Shares traded as high as $.0269/share (+34.5%), which produced a nice breakout to the upside of a multi-month trading range near 52-week lows. This move also crossed over the 100-day SMA, which may be an indication of things to come.
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