Alternet Systems Inc (OTCMKTS:ALYI) Stock Falls Again: Down 18% In a Week

It has not been a great time in the markets for investors in Alternet Systems Inc (OTCMKTS:ALYI) in recent days and the situation remained the same on Thursday as the stock sank by another 7% owing to a selloff.

Trading Data

On Thursday, ALYI stock moved down 7.40% at $0.0139 with more than 24.77 million shares, compared to its average volume of 30.70 million shares. The stock has moved within a range of $0.0129 – 0.0161 after opening trade at $0.0159.

Update On EV Revenue Target, Cryptocurrency, Investments and Acquisitions

The losses recorded by the stock yesterday took its losses over the course of the past week to as much as 18%. As it happens, the company was in fact in the news yesterday after it provided a management update. In the update, the management provided details with regards to its base revenues target of as much as $10 million for 2022. However, the company also noted that there is potential to stretch the target to as much as $50 million.

The target that has been set by the management for 2022 is completely based on the potential grown of its delivery of electric vehicles that are supposed to be deployed in the taxi market in East Africa. At this point in time, the company is involved in the delivery of the electric motorcycles in Kenya. On the other hand, it is also working on the assembling of Bajas, which are three wheeler electric vehicles, in Ethiopia.

Technical Data

ALYI stock is trading below the 20-Day and 50-Day Moving averages of $0.0165 and $0.0168 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0400. The stock is down 17% in the past week.