One of the stocks to have managed to make a massive move over the course of the past week is that of Cannagistics Inc (OTCMKTS:CNGT) and the trend remained the same on Thursday as the stock ended the day with gains of as much as 19%.
Trading Data
On Thursday, CNGT stock jumped 19% to close at $0.0132 with more than 176.15 million shares, compared to its average volume of 9.9 million shares. The stock has moved within a range of $0.0105 – 0.0240 after opening trade at $0.0123.
Closes Acquisition of The Integrity Wellness Group, Inc.
In this context, it is also important to point out that the rally on Thursday took the gains generated by the stock over the past week to a staggering 780%. In this situation, it should be noted that there has been no news about the company at all over the past month or so and hence, the rally might appear speculative to many.
However, it might be a good idea to take a look at a development in relation to Cannagistics from November 12. At the time, the company announced that it had managed to close the transaction for the acquisition of The Integrity Wellness Group Inc from Availa Bio Inc.
The company completed the acquisition in exchange for the controlling stake in The Integrity Wellness Group Inc, which is going to be a newly recognised public unit. However, it is still unclear if the latest rally had been related to that deal.
Key Quote
Rob Gielt the President and CEO of CNGT (Integrity Wellness), said, “I am very much looking forward to working with this eclectic group of extremely qualified individuals, backed by science, and years of working with health and wellness products. I am excited to be using my skill set in marketing to advance the development and promotion of the many products of this company.”
Technical Data
CNGT stock is above the 20-Day and 50-Day Moving averages of $0.0039 and $0.0045 respectively. However, the stock is trading below the 200-Day moving average of $0.0230. The stock is up 780% in the past month.
