Stocks may trade within a range but if there is any important news with regards to the underlying companies then it may be a good idea for investors to take a look regardless. Yesterday, the Parkit Enterprise Inc (OTCMKTS: PKTEF) stock was trading within a range but the company was in focus since it announced the acquisition of a pair of Class A industrial assets.
Trading Data
On Tuesday, PKTEF stock ended flat at $1.11 with 16.36K share, compared to its average volume of 377 shares. The stock has moved within a range of $1.1100 – 1.1100 after opening trade at $1.11.
Parkit to Acquire Two Industrial Assets for $17,000,000; Issues Options
The assets in question had been acquired from two vendor groups and the total outlay for the acquisitions came in at $17,000,000. That being said, it should be noted that the acquisiti9on are only going to be finalised once customary adjustments are completed.
The acquisitions made by Parkit span across an area of as much as 141,031 square foot. One of the properties is located at Boisbrand in Quebec and the other one is located in London in Ontario. The company has decided to make a part of the payment in its own stocks through the issuance of Parkit shares to the tune of $2,500,000. It was a significant announcement from the company and one that may attract the attention of investors in the coming days.
Technical Data
PKTEF stock is above the 20-Day and 50-Day Moving averages of $1.18 and $1.25 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.27. The stock is down 12% in the past week.
