Over the course of the past few days TPT Global Tech Inc (OTCMKTS:TPTW) has seen its stock make steady gains and the trend remained the same on Thursday as the stock ended up with gains of 3%. That took the gains made by the stock over the course of the past week to as much as 16%.
Trading Data
On Thursday, TPTW stock moved up 3.23% to $0.0064 with more than 5.04 million shares, compared to its average volume of 1.63 million shares. The stock moved within a range of $0.0060 – 0.0075 after opening trading at $0.0065.
About TPT Global Tech
In light of such consistent gains made by the TPT Global Tech stock, it may be a good time to take a deep dive into the company and also take a look at recent developments which may have had an effect on the price action in the stock. It is a technology company and has a wide range of divisions which are concerned with different aspects of technology. There are units for telecommunications, medical technology, media content distribution in United States and abroad and another division that is involved with technology solutions.
In this context, it is also necessary to point out that the company offers some of the more modern technology solutions that are in considerable demand. It offers Cloud based unified communication as a service, Software as a service and technology platform as a service among some of its tech offerings.
Hence, as one can see, it is a company that has a hand in many pies when it comes to the technology business. The company came into focus among investors on Thursday after it made a major new announcement with regards to its subsidiary unit TPT Strategic Inc
TPT Global Tech Subsidiary Signs Agreement to Acquire Alabama Based IST LLC with $9.5M Backlog in Executed Government Contracts As The Company Prepares For Its Tuskegee Smart City project
It was announced that TPT Strategic had managed to get into a definitive agreement by way of which it would complete the acquisition of all the assets of Information Security and Training LLC. Information Security and Training LLC is an informational technology services and general construction company.
It is based out of Huntsville in Alabama and has branch offices in some other states. The acquisition could in fact prove to be a significant one for TPT Global Tech considering the fact that as of April 30, 2022 the company boast of backlog in the realm of executed government contracts to the tune of $9.5 million.
Information Security and Training is a general contractor and has been in the business for more than 15 years at this point. During the course of the past 15 years, the company has been responsible for a number of projects in the Federal marketplace. Since it was established as a general contractor back in 2008, Information Security and Training has worked with as many as 15 different federal agencies.
The unaudited revenues generated by the company in the fiscal year that ended on December 31, 2022 stood at around $2.8 million. On the other hand, the net income generated by the company during the same period came in at $167000. It is now going to be interesting to see if the TPT Global Tech stock continues to go up today and ends the week on an even stronger footing.
Key Quote
“We as a company are very pleased to have a Construction and IT industry veteran such as Everett Lanier join TPT Global Tech’s team through TPT Strategic. Executive team. Everett will become the new President of TPT Strategic and bring with him a core group of individuals and seasoned professionals in the building industry. We believe this acquisition will be a great asset for TPT Global Tech and our shareholders” said Stephen Thomas of CEO TPT Global Tech.
Technical Data
TPTW stock is trading below the 20-Day and 50-Day Moving averages of $0.0066 and $0.0071 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0120. The company has a total market capitalization of 5.90 million with 923.03 million outstanding shares. Moreover, the company has 94.42% or 871.52 million floating shares. The stock is down 40% over the past 3-month.
