Business to business marketing analysis, services and technology providing company Beyond Commerce Inc (OTCMKTS:BYOC) may have been in the news on Thursday but its stock continued to trade in a range nonetheless.
Trading Data
On Thursday, BYOC stock ended flat at $0.0005 with more than 887.99 million shares, compared to its average volume of 260.37 million shares. The stock has moved within a range of $0.0004 – 0.0007 after opening trading at $0.0006.
Beyond Commerce Signs Binding LOI with Elettricars
At the end of the day, stocks trading within a range can also breakout and hence, it may be a good move to take a look at yesterday’s news a bit more closely. The company announced yesterday that it had inked a binding letter of intent with the Italian firm Eletticars in relation to the exclusive United States rights for the latter’s low speed electric vehicle.
It goes without saying that the announcement was a significant once and although the stock was trading in range yesterday, it remains to be seen if it breaks out today or not. GeordanPursglove, who is the Chief Executive Officer of Beyond Commerce, spoke about the development as well.
He stated that everyone at the company was thrilled at having got the exclusive United States rights for the low speed electric vehicles that are manufactured by Eletticars. He went on to state that the functionalities and design of the cars make it a particularly compelling proposition.
Key Quote
Geordan Pursglove, Beyond Commerce’s Chief Executive Officer, stated, “We are thrilled to attain the exclusive U.S. rights for Eletticars’ LSEV. It’s design and functionality are both high-quality, thanks to the years of automotive experience of the Abrami family and Italian craftsmanship. The practicality of LSEVs has increased forecasts to reach $1.0 billion in 2021. The Global LSEV category is estimated to grow +15.4% per year through 2026 to reach $4.9 billion and surpassing $2.0 billion in U.S. sales. More global charging infrastructure, declining EV costs, improved vehicle and battery technology and stringent emissions regulations are driving LSEV growth. We are so excited to now be part of this high-growth emerging industry with our partnership with Eletticars.”
Technical Data
BYOC stock is trading below the 20-Day and 50-Day Moving averages of $0.0006 and $0.0009 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0018. The stock is down 44% in the past month.
