The past few trading days have been quite difficult for investors in Industrial Nanotech Inc (OTCMKTS:INTK) as the stock suffered from a steady selloff. Last Friday the stock declined by as much as 10% and that took the decline over the past week to 26%.
Trading Data
On Friday, INTK stock slumped 10% to $0.0180 with 24.86 million shares, compared to its average volume of 15.61 million shares. The stock moved within a range of $0.0169 – 0.0225 after opening trade at $0.0201.
Industrial Nanotech Inc CEO Stuart Burchill Provides Shareholder Update
It now remains to be seen if the stock can actually make a quick recovery this week or not. In this regard, it could be a good idea for investors to take a look at some of the comments from the company’s Chief Executive Officer Stuart Burchill on Friday.
Burchill noted the importance of the Pemex project had not been communicated well in the last press release that had been put out by Industrial Nanotech. He went on to provide some more statistics in order to establish its importance.
Pemex is an oil and gas major based out of Mexico and last year, it had assets worth as much as $98.6 billion and revenues to the tune of $44.3 billion. From 2012 through to 2014, Industrial Nanotech had worked with Pemex on a project and had managed to bring in, in excess of $50 million in revenues per year.
Technical Data
INTK stock is trading below the 20-Day and 50-Day Moving averages of $0.0260 and $0.0303 respectively. However, the stock is trading above 200-Day moving average of $0.0167.
