Venture capital firm Readen Holding Corporation (OTCMKTS:RHCO) was one of the companies to have come on to the radars of investors yesterday and that was apparent from the price action in its stock.
Trading Data
On Wednesday, RHCO stock moved up 6.86% to $0.0600 with more than 99k shares, compared to its average volume of 169k shares. The stock has moved within a range of $0.0600 – 0.0736 after opening trade at $0.0600.
Major News
After the company made an announcement with regards to a significant share transaction, investors piled on to the Readen stock and sent it soaring by as much as 7%. The company announced yesterday that one of its major shareholders, Readen Investments Limited, sold as many 28,600,000 shares in the company to IT Star Limited.
The news about such a large transaction led to heightened interest in the Readen Holding stock and it now remains to be seen if he stock can manage to hold on to its momentum in the coming days. IT Star is owned by the venture capital firm Cocoon Holdings Limited.
The transaction is part of a wider strategy between Readen Holding and Cocoon Holdings to bring about limitless growth to OkeApp and OkePay, both of which are controlled by Readen. It should be noted that it was also noted that both the parties believe that those two products do have the potential for generating considerable growth.
Technical Data
RHCO stock is trading below the 20-Day and 50-Day Moving averages of $0.0604 and $0.0606 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0725. The stock is down 19% in the past month week.
