The plant-based nutritional items space has grown at a fairly rapid pace over the course of the past few years and it is perhaps no surprise at this point in time that investors are increasingly looking for options in that sector. There are a number of companies that are now operating in that sector and one of the better-known ones is NutraNomics Inc (OTCMKTS:NNRX). However, the company’s stock was in the middle of a strong downward spiral on Tuesday and amidst a strong selloff, it went down by as much as 17%.
Trading Data
On Tuesday, NNRX stock moved down 17% to $0.0003 with more than 15.72 million shares, compared to its average volume of 194.16 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trading at $0.0003.
About The Company
NutraNomicsclaims to have been committed to excellence in the fields of plant-based nutritional science and the innovation sector.
One of the more important things to know about NutraNomics is the fact that the stock is one of the oldest companies in this industry and has been in business as far back as 1996.
NutraNomics Announces Record Topline Growth for New “The Plant” Acquisition During Four Months Ended April 30
Although the stock recorded a fall on Tuesday it should be noted that NutraNomics actually made a major new positive announcement and investors could do well to take a closer look into it.
The company announced that DHS Development, also known as ‘The Plant, that it had acquired recently managed to generate record-breaking year-on-year growth in revenues in 2022 so far. In the four-month period that ended on April 30, 2022, DHS Development managed to grow its revenues by as much as 217% year on year. When a recent acquisition proves to be an instant success in terms of growth then it is generally seen as a major positive and an indication of the fact that the management was correct in its acquisition strategy.
However, it seems that investors did not see it in the same light and sent the NutraNomics stock crashing. That being said, it is going to be interesting to see if the stock can come back into focus today and manage to bounce back quickly. The acquisition had been completed following the execution of a letter of intent back in January 2022 and also had clauses with regards to operational as well as financial assistance.
Key Quote
“The goal for this endeavor was to offer our clients a one-stop shop for product manufacturing, packaging, and delivery of retail-ready products under one roof,” says Mattie Cooper, the appointed President of The Plant and its affiliates.
Technical Data
NNRX stock is trading below the 20-Day and 50-Day Moving averages of $0.0003 and $0.0003 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0004.
