The functional foods industry has managed to grow by leaps and bounds in recent times and one of the notable players in that space is GenTech Holdings Inc (OTCMKTS:GTEH).
On Friday, GTEH stock slid 21.50% at $0.0006 with more than 87.78 million shares, compared to its average volume of 283.15 million shares. The stock has moved within a range of $0.0005 – 0.0007 after opening trade at $0.0007.
However, the stock was in the middle of a downward spiral this past Friday and ended up with a decline of as much as 21%. While it is true that there was no news about GenTech on Friday, it should be noted that back on November 17 the company had made a major announcement with regards to a new product launch.
The company announced that Natural Soothie branded herbal supplement range of lollipops for children that it had acquired not too long ago is all set for its launch at Whole Foods Market outlets. The product is going to be launched across all Whole Foods outlets which are located in the United States from the start of March 2022.
While it is true that it was a major announcement from the company, it is also necessary to point out that the selloff in the stock may not be related to that announcement. At this point in time, it may be a sound move for investors to wait for more information before making a move.
GTEH stock is trading below the 20-Day and 50-Day Moving averages of $0.0007 and $0.0008 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0018. The stock is down 25% in the past month.