The rally seen in the Sparta Commercial Services Inc (OTCMKTS:SRCO) stock yesterday is almost certainly going to bring the stock into focus among investors today. Following a major announcement from the company on Wednesday, investors had piled on to the stock in a big way and sent it soaring by as much as 59%.
Trading Data
On Wednesday, SRCO stock skyrocketed 58.62% to $0.23 with more than 263k shares, compared to its average volume of 31k shares. The stock moved within a range of $0.1400 – 0.2700 after opening trading at $0.14.
Sparta’s Municipal Finance Program Announces Another Returning Municipality
The company announced yesterday that the Town of Yemassee, which is located in South Carolina, had decided to make return to Sparta Commercial Services’ Municipal Finance Program. More importantly, it is important for investors to note that it was the sixth return to the program for the town since 2016.
Hence, it is clear to see that the popularity of the program with the town had proven to be a source of considerable optimism for investors. In light of the gains made by the stock yesterday, it may be a good idea for investors to consider adding the stock to their watch lists. At this point in time, it is going to be interesting to see if the stock can actually hold on to its momentum for the rest of the week and continue to add to the gains clocked yesterday.
Key Quote
Chief Gregory Alexander of the Yemassee Police Department commented on the most recent transaction, saying, “I worked with Sparta’s municipal department for the first time in 2016 and continue to go to Sparta as additional fleet needs arise because they make the process very simple and always set terms that fit our budgetary needs.”
Technical Data
SRCO stock is trading above the 20-Day and 50-Day Moving averages of $0.15 and $0.12 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.11.
