This past Friday, TAAT Global Alternatives (OTCMKTS:TOBAF) was in the news after it made a key announcement. However, it did not do much for the stock as the TAAT Global stock ended up clocking losses of 11% for the whole of the previous week.
Trading Data
On Friday, TOBAF stock fell 4.30% at $2.25 with more 80k shares, compared to its average volume of 168k shares. The stock has moved within a range of $2.2383 – 2.3500 after opening trade at $2.33.
TAAT™ Becomes an Official Supplier of H.T. Hackney, One of the Largest U.S. Wholesale Distributors
In this situation, it might be a good idea to take a closer look at the announcement in order to make your mind up about the TAAT Global stock. The company revealed on Friday that it had become the official of the company H.T. Hackney Company.
It was a significant development for TAAT Global considering the fact that H.T. Hackney is among the largest wholesale distributors in the United States. The company recorded revenues of as much as $3.9 billion and has a massive retail network.
At this point in time, its retail network consists of more than 20000 stores which are spread across as many as 22 states. Hence, it goes without saying that such a deal could prove to be a significant long term boost to TAAT Global. H.T. Hackney placed an order for as many as 168 countertop displays and in excess of 1000 TAAT cartons from TAAT Global. The products are going to be placed at Par Mar Stores outlets.
Technical Data
TOBAF stock is trading below the 20-Day and 50-Day Moving averages of $2.50 and $2.78 respectively. However, the stock is trading above the 200-Day moving average of $3.01. The stock is down 17% in the past month.
