A major new move from a company almost always lead to significant attention from investors and that is possibly the reason why the Elektros Inc (OTCMKTS:ELEK) could be a stock to watch this morning.
Trading Data
On Monday, ELEK stock jumped 9.80% to $0.84 with more than 45k shares, compared to its average volume of 181K shares. The stock has moved within a range of $0.7800 – 0.8945 after opening trade at $0.82.
Recent Development
Yesterday, the company came into focus after it announced that it was not only going to be involved in the designing of electric vehicles but in renting them out as well. It was also noted by the company that by renting out electric vehicles it is going to have a lot more of social responsibility. The news came as a source of significant positivity for investors and the stock ended the day with gains of as much as 10%.
In this context, it is also necessary to point out that the Green Energy Initiative has sparked a revolution of sorts and more and more people are now looking to rent cars instead of owning the outright. A subscription and rental model is supposed to be the right path when it comes to sustainable car use.
It seems Elektros has managed to emerge as one of the early movers on to that model. It might be a company to watch out for at this point.
Key Quote
“Change happens, this is a constant by Creation. With a fast paced society that is getting more complicated by the day. If this is not a part of your business model, you’re already behind”, say’s Shlomo Bleier CEO of Elektros.
Technical Data
ELEK stock is trading below the 20-Day and 50-Day Moving averages of $0.97 and $1.27 respectively. Moreover, the stock is below 200-Day moving average of $1.54.
