Twin Vee Powercats Co. Stock Soars 215% Despite Drop In Q1 Sales

(RTTNews) - Twin Vee Powercats Co. (VEEE) shares skyrocketed 215.29 pecent to $7.83 on Thursday after the company posted a narrower quarterly loss. Although net sales fell to $3.6 million in the first quarter from $5.3 million a year ago, net loss narrowed to $1.6 million from $2.3 million in the same period last year.

The stock opened at $2.62 and has traded between $2.23 and $9.30, marking a new 52-week high on the Nasdaq. It previously closed at $2.55. Volume exploded to 75.9 million shares, massively surpassing its average daily volume of 53,963.

The sharp gain suggests investors are optimistic about the company's efforts to reduce losses, despite declining revenue.