Aquaculture company NaturalShrimp Inc (OTCMKTS:SHMP) managed to reverse the trend in its stock yesterday as it made a recovery and ended the day with gains of 6%. However, it should be noted that despite the recovery made by the stock, it is still down by as much as 30% over the course of the past week.
Trading Data
On Tuesday, SHMP stock moved up 5.95% to $0.1149 with more than 10.09 million shares, compared to its average volume of 1.33 million shares. The stock moved within a range of $0.0871 – 0.1160 after opening trading at $0.0873.
About NaturalShrimp
The company, which is based out of Dallas, Texas, has two production facilities. One of the facilities is located near San Antonio, Texas and the other one is located in Webster City, Iowa. The company is credited for being the first one to have managed to develop a commercial system that can help in the growth of shrimp in closed saltwater systems. NaturalShrimp deploys its own patented technology to then produce natural shrimp that is never frozen. Additionally, no toxic chemicals or antibiotics are used in the whole process.
NaturalShrimp Issues Shareholder Letter and Provides Corporate Update
On Tuesday, the stock rallied strongly after NaturalShrimp issued a letter that was addressed to its shareholders. The letter was meant to provide shareholders with an update with regard to the company’s activities up until the middle point of 2022. In the letter, it was reiterated that NaturalShrimp was committed to the production of gourmet, land-based, fresh shrimps which contain no chemicals or antibiotics and the mission was gaining considerable momentum.
It was noted that the production levels have gone up and so have the sales. In addition to that, NaturalShrimp has also been conducting independent trials for its Electrocoagulation and Hydrogas technologies. More importantly, there has been a fresh wave of interest in the company from the investment fraternity.
It was announced that in June this year, shrimps from its facility in Texas went on sale. At the same time it ought to be noted that shrimps produced at the company’s facility in Iowa had been selling since as far long back as November 2021. At this point in time, the sales of shrimp have been targeted primarily in the San Antonia and Chicago regions. However, over the course of the next six to nine months, NaturalShrimp is looking to expand its footprint to other markets. The target markets are Dallas, Houston, and Austin.
Technical Data
SHMP stock is trading below the 20-Day and 50-Day Moving averages of $0.15 and $0.18 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.30.
