The Planet Resource Recovery Inc (OTCMKTS:PRRY) stock continued to be in the middle of a decline on Monday and tanked by another 3% after the company made a key announcement. In this regard, it should be noted that the decline in the stock yesterday further extended the poor run and took the losses for the past week to as much as 7%.
Trading Data
On Monday, PRRY stock slid 3.23% at $0.0150 with more than 6.18 million shares, compared to its average volume of 1.38 million shares. The stock has moved within a range of $0.0130 – 0.0175 after opening trade at $0.0155.
Acquires MAX Amphibious Six-Wheel Drive All-Terrain Vehicles
Yesterday, the company actually announced that it had been successful in completing the acquisition of the product lines, intellectual property, tooling and assets belong to MAX Amphibious All-Terrain Vehicle from Agile Vehicle Technologies Limited. The transaction had been completed last week on November 26, 2021.
It goes without saying that it was a major announcement from Planet Resource Recovery but at the same time it should be noted that the acquisitions did not really cause much excitement among investors. The stock actually continued to slide as mentioned above. The Chief Executive Officer of the company Andrew Lapp spoke about the development as well. He stated that it presented an ‘extremely unique opportunity’ for the company and went on to add that Planet Resource Recovery is going to be initially involved in establishing the vehicle components supply chain again.
Technical Data
PRRY stock is trading above the 20-Day and 50-Day Moving averages of $0.0141 and $0.0141 respectively. However, the stock is trading below the 200-Day moving average of $0.0185. The stock is up 7% in the past month.
