The past week has been a tough one for investors in Industrial Nanotech Inc (OTCMKTS:INTK) as the company’s stock suffered from a strong selloff and went down by as much as 23% during the period as a consequence. In case of such a decline, it is perhaps a good move for investors to try and figure out if the stock is going to continue to plunge further or if recovery may be possible in the short term.
Trading Data
On Wednesday, INTK stock fell 1% to $0.0099 with more than 8.86 million shares traded, compared to a volume of 9.27 million shares. The stock moved within a range of $0.0096 – 0.0107 after opening trading at $0.0105.
About Nanotech Inc
The company is involved in the development, manufacturing, and marketing of insulation products that are meant for industrial use. The products are manufactured through the deployment of nanotechnology and are sold both in the United States and globally. While the stock has performed poorly in the past week, the company actually made a major announcement yesterday which could in fact be seen as a major positive.
Industrial Nanotech, Inc Provides Update Regarding Supply Chain Issue and Revenue Guidance
Industrial Nanotech announced yesterday that a significant supply chain problem that it had been grappling with in recent times has finally been resolved. Such an announcement can often be a positive for the company’s stock and hence, it may be a good time for investors to consider keeping the Industrial Nanotech stock on their radars over the next few days. The issue was with regards to the company’s product named EPX-H20, which is one of the biggest selling products for Industrial Nanotech. Some of the biggest corporations in the world like Exxon and Nestle use that particular product and hence, the importance of the product is easily understandable.
The Chief Executive Officer of the company, Stuart Burchill noted yesterday that not too long ago the company had been informed that a major component of the product, a resin, was not available and hence Industrial Nanotech had to stop production. This had a major impact on the company’s revenues and it had been reflected in the performance in the second fiscal quarter of the year. Burchill noted that the investors had also been informed about the same. However, the manufacturer informed Industrial Nanotech that a new resin had been produced that could work just as well as the old one. He noted that the new resin is ‘excellent’ and the production of EPX-H20 has commenced again.
Key Quote
Stuart Burchill, CEO of Industrial Nanotech, states, “One of our top selling products for major industrial customers is EPX-H2O. This is what companies like Exxon and Nestle and industries like the railroad industry and chemical manufacturing use.”
Technical Data
INTK stock is trading below the 20-Day and 50-Day Moving averages of $0.0135 and $0.0185 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0186.
