The transportation company Elektros Inc (OTCMKTS:ELEK) was in considerable focus among investors on Monday and its stock ended up with gains of as much as 9% for the day. In light of the move in the Elektros stock yesterday, it may be a good time for investors to consider taking a closer look at the company and then figure out if the stock could continue to add to its gains over the coming days.
Trading Data
On Monday, ELEK stock moved up 9.31% to $0.0998 with more than 949K shares, compared to its average volume of 308K shares. The stock moved within a range of $0.0832 – 0.1050 after opening trade at $0.0919.
About The Company
Elektros is a United States based transportation firm, which is mainly involved in coming up with innovative mobility solutions for both businesses as well as consumers. Carbon neutrality is something that has been at the top of the agenda for the automobile industry and it is expected to continue to be so in the coming years.
Automotive industries across the landscape are going to need access to advanced technologies if the transition is going to be successful. Elektros is right at the middle of that potential revolution since it is involved in this space in a big way and is engage in developing the technologies which could transform the industry. The company is currently working on Elektros Sonic, which is touted as a revolutionary new electric vehicle experience and could be made available to consumers as soon as 2023. So, as one can see, it is a company that may soon come to the forefront of the revolution.
Elektros, Inc. (OTC:ELEK) Elektros Signs Reseller Agreement with Premier Charging Station Network, EV Connect
There was no news about the company on Monday but the stock moved strongly nonetheless and it is going to be interesting to see if it can manage to hold on to its momentum today. If it can, then it may be a good idea for investors to consider adding it to their watch lists.
The last time the company was in the news was back on July 13 when it announced that it had been successful in inking a letter of intent with regards to the acquisition of 60% stake in the company Arizona Solar Power Energy Inc.
The demand for solar energy is currently at its highest and hence, Elektros believes that he acquisition could prove to be a major driver of revenues and unlock considerable value for the shareholders as well. Arizona Solar Power is going to be involved in selling its solar power solutions to other companies in the industry and with the rising demand for solar energy, it may well be getting into a period of abundant growth soon. It may even be said that the timing of the acquisition could prove to be an important one for Elektros.
However, that is not all. Elektros has been making interesting moves for quite a while and last month on June 16 it has been announced that it had signed a reseller agreement with the company EV Connect. EV Connect runs one of the biggest electric vehicle charging station networks in the United States and with the rise in the number of electric vehicles the company can expect to play an important role in the growth of the industry.
Technical Data
ELEK stock is trading below the 20-Day and 50-Day Moving averages of $0.1058 and $0.1154 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.5855. The company has a total market capitalization of $6.68 million. The stock is down 9% over the past month.
