Shares of NaturalShrimp Inc. (OTCMKTS:SHMP) continued to trend higher on Monday and now up 35% in a week
Trading Data
On Monday, SHMP stock soared 17.78% to $0.4217 with 3.64 million shares, compared to its average volume of 1.57 million shares. The stock has moved within a range of $0.3700 – 0.4300 after opening trade at $0.3730.
NaturalShrimp Expands Production at Existing Facilities
NaturalShrimp Inc. (OTCMKTS:SHMP) announced on January 3, 2022, about expanding production at its present Texas and Iowa shrimp production facilities. A couple of facilities are being planned in Florida and Nevada as well. The company is the first to develop and patent a shrimp-focused, commercially operational RAS (Re-circulating Aquaculture System).
Construction of a new shrimp production building is set to begin on the company’s 37-acre property in La Coste, Texas, in Q1 of 2022. It is an 80, 000 square feet building, and almost twice the size of its current production building. The company will begin retrofitting the whole Webster City shrimp production facility in Iowa, based on successful integration of its technology in a part of the facility. Future developments will include the Blairsburg and Buckeye facilities in Iowa.
NaturalShrimp, Inc. is collaborating with Hydrenesis Inc. to raise economic development funds to build a 240,000 square foot inland shrimp production facility in Florida. The company is also looking to expand operations into Las Vegas, Nevada to serve additional markets and increase geographic reach to the West Coast. As of now, a 480,000 square foot mega shrimp production facility is in the initial planning stage, with construction set to begin in Q3 of 2022.
Key Quote
“With weekly production on track and numerous sales channel partners in place, we are now focused on building the capacity needed to meet expected demand of our land-based gourmet-grade shrimp,” said Gerald Easterling, CEO of NaturalShrimp.
Technical Data
SHMP stock is above the 20-Day and 50-Day Moving averages of $0.35 and $0.38 respectively. However, the stock is trading below the 200-Day moving average of $0.43. The stock is up 28% in the past month.
