Chinese clean energy company Tantech Holdings Inc (NASDAQ:TANH) was in the middle of a downward trend last week and declined by as much as 6% for the whole week. In this regard, it might be a good move from investors to perhaps take a look at an announcement from the company on October 18 with regards to its subsidiary company Shangchi Automobile Co Ltd.
Market Action:
On Friday, TANH stock decreased 0.09% at $0.6595 with more than 488.41K shares, compared to its average volume of 350.78K shares. The stock has moved within a range of $0.6380 – 0.6699 after opening the trade at $0.6690.
Recent News
Tantech noted that the sales momentum has continued to be strong at Shangchi and a new order for as many as 15 midibuses had also been received. The midibuses are innovative vehicles which offer a fuel efficient and luxury travelling experience.
More importantly, the buses can be customised completely and a maximum of 15 people can travel in each. The Chief Executive Officer of Tantech, Wangfeng Yen also spoke about the matter.
He stated that there has been a ‘real uptick’ in the market demand for fuel efficient midibuses that are manufactured by Shangchi. He went on to add the latest order for 15 midibuses was placed by one of the company’s esteemed clients in China. Despite the fairly positive development, the stock actually tanked and it is going to be interesting to see if the Tantech stock can manage to bounce back this week.
Traders Note:
TANH stock is trading below the 200-Day and 50-Day Moving averages of $1.22 and $0.74 respectively. The stock is down 30% in the past 3-month.
