The stock of the product and services company Bantec Inc (OTCMKTS:BANT) was one of the notable movers in the market on Tuesday as it ended the day with gains of as much as 8%.
Trading Data
On Tuesday, BANT stock gained 7.70% to $0.0007 with more than 16.46 million shares, compared to its average volume of 72.35 million shares. The stock moved within a range of $0.0006 – 0.0007 after opening trade at $0.0006.
Technical Data
BANT stock is trading below the 20-Day and 50-Day Moving averages of $0.0007 and $0.0007 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0020.
Bantec’s Drone USA Receives Purchase Orders for Drone Parts from Repeat Customers
The stock rallied strongly after the company announced yesterday that its subsidiary unit Drone USA had bagged fresh purchase orders to supply its drone parts products to existing customers. It goes without saying that such an announcement can often came as a major boost for investors and hence, it was perhaps no surprise that the stock came into focus in a big way.
It is now going to be interesting to see if the Bantec Inc stock can actually hold on to its momentum and manage to add to its gains over the coming days. The Chairman and Chief Executive Officer of the company Michael Bannon spoke about the latest developments.
He noted that the fire and police departments had recognised the merits of the importance of drones for the purpose of fighting crime. He went on to add that when he had pitched the idea of using drones to police chiefs, there was no interest at all. However, things have now changed.
Key Quote
Michael Bannon, Bantec’s Chairman and CEO stated: “We see police and fire departments starting to embrace and add drone technology to their crime fighting arsenals. Three years ago, I presented the idea of adding drone technology to a group of police chiefs. Most were not interested. This reluctant sentiment is beginning to dissipate. Drones add efficiency and make dangerous situations safer. Typically, we see departments with one or two technically savvy individuals having some drone knowledge and experience. Their higher ups are allowing these individuals to setup and run drone programs. Many have reached out to us for guidance. As the police and fire drone market grows, we believe creating a drone franchise makes good business sense and will increase revenue in 2022 and beyond.
