Well known player in the nano-technology fluid processing space Cavitation Technologies Inc (OTCMKTS:CVAT) was in the news yesterday after it made a key announcement but the company’s stock traded within a range. Considering the fact that stocks trading within a range can also break out strongly, it may be a good move to look into the announcement from Cavitation yesterday.
Trading Data
On Wednesday, CVAT stock ended down by 2.45% to $0.0975 with more than 406K shares, compared to its average volume of 413K shares. The stock has moved within a range of $0.0951 – 0.1045 after opening trade at $0.0975.
Releases Letter to Shareholders Providing Corporate Update and Year-End 2021 Results
On Wednesday, the company sent out a letter that enumerated a corporate update as well as the year end results for 2021. Neil Voloshin, who is both the Chief Financial Officer and Chief Operating Officer of the company, noted that the business foundations that Cavitation had been creating for many years had finally provided the sort of results that had been expected.
In addition to that, the company also provided a list of the highlights from its operations through the course of 2021. It may be a good move to take a look at some of the highlights. One of the major ones was the restart of the frack water treatment project under its control in the Permian Basin in February. A month later, Cavitation bagged a purchase order to the tune of as much as $190,000 from a South America based bio diesel refinery.
Technical Data
CVAT stock is trading below the 20-Day and 50-Day Moving averages of $0.0990 and $0.1027 respectively. However, the stock is trading above the 200-Day moving average of $0.0757. The stock is down 12% in the past month.
