Covalon Technologies (OTCMKTS:CVALF) Shares Down 3% – Time to Sell?

Shares of Covalon Technologies Ltd. (OTCMKTS:CVALF) fell 3% during mid-day trading on Wednesday . The company traded as low as $1.60 and last traded at $1.64. 23,085 shares changed hands during trading, an increase of 1,863% from the average session volume of 1,176 shares. The stock had previously closed at $1.69.

Covalon Technologies Stock Down 3.0%

The firm has a 50-day simple moving average of $1.56 and a 200-day simple moving average of $1.43. The stock has a market cap of $45.30 million, a PE ratio of 41.01 and a beta of 0.59.

Covalon Technologies (OTCMKTS:CVALF) last announced its quarterly earnings results on Thursday, May 21st. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. Covalon Technologies had a return on equity of 5.77% and a net margin of 5.05%.The company had revenue of $6.27 million during the quarter, compared to analysts’ expectations of $6.70 million.

About Covalon Technologies

Covalon Technologies Ltd. (OTCMKTS:CVALF) is a Canadian medical device and life sciences company specializing in advanced wound care and infection prevention solutions. Based in Toronto, Ontario, Covalon leverages proprietary photochemical bonding technology to create antimicrobial and anti-adhesion polymer coatings for a range of medical devices and wound dressings. The company’s core focus is on reducing surgical site infections and improving healing outcomes through innovative biomaterials.

The company’s product portfolio comprises hydrogel-based wound dressings and polymer-coated medical device components.