On Tuesday there were a number of stocks that had managed to make a strong upward move on the back of heavy interest and this morning, it may be a good idea for investors to consider taking a look at those. One of the stocks that you could consider looking into this morning is Alternet Systems Inc (OTCMKTS:ALYI).
The stock was in considerable focus among investors yesterday and had ended up with gains of as much as 33% amidst significant action. In light of such a move, it may be prudent for investors to consider taking a look at the nature of the company’s business and then look into the latest developments which may have led to the move.
Trading Data
On Tuesday, ALYI stock soared 33.33% to $0.0032 with more than 38.44 million shares traded, compared to a volume of 12.81 million shares. The stock moved within a range of $0.0024 – 0.0036 after opening trading at $0.0027.
About The Company
Alternet Systems is a holding company that works through a range of subsidiary units and is involved in a wide range of industries. The company is involved in data analytics, digital payments, biometric authentication, marketing intelligence solutions, financial services, and micro-segmentation among others.
One of the more important things that Alternet Systems is involved in is modernization efforts related to the upgrade of the existing point of sale infrastructure. Last but not the least, Alternet is also involved in the production and sale of electric motorcycles at this point in time and that remains one of the more important projects for the company.
ALYI Announces Building Electric Vehicle Merger and Acquisition Momentum
The company was in focus yesterday after it announced that the discussions with regards to mergers and acquisitions that it had announced previously were ongoing. It was further noted that a non-disclosure agreement had been executed and the due diligence was also ongoing. The company went on to add that the management had made its merger and acquisition strategy more expansive RandellTorni, who is the Chief Executive Officer of the company, noted that the company’s electric motorcycle taxi agreement had been developing nicely and managed to garner positive attention as well.
However, we went on to add that the company’s electric vehicle racing project has also been getting a lot of positive attention. He noted that the current position of Alternet Systems was well suited to gain momentum in the fast-growing electric vehicles market through its unique strategies that have been decided on the back of the development of market conditions.
The CEO believed that the adaptation to the industry is also going to lead to the targeting of companies to be acquired. In the press release yesterday, Alternet also noted that it was going to continue to provide updates as and when the situation evolved.
Key Quote
“Our electric motorcycle taxi agreement is developing nicely and getting some very positive attention of late,” said ALYI CEO Randell Torno. “At the same time, we have also been getting some very encouraging attention surrounding our electric vehicle racing initiative. I believe ALYI’s posture is well suited for regaining momentum in the electric vehicle market through the adaptation of our strategy in response to the evolving market conditions, and I anticipate our adaption to include a merger and acquisition aspect. Things are moving along. Stay tuned for more to come.”
ALYI Electric Motorcycle Business Could See New Opportunities
Back on July 7, the company had been in the news as well when it announced that it was looking to adapt its business strategy so as to continue the evolution of its goal to build an electric vehicle ecosystem.
It was a major new announcement from the company as well and one that may have been a source of optimism for shareholders as well. It remains to be seen if the stock can continue to add to its gains today.
Technical Data
ALYI stock is trading above the 20-Day and 50-Day Moving averages of $0.0025 and $0.0027 respectively. However, the stock is trading below the 200-Day moving average of $0.0087. The company has a total market capitalization of $374K. The stock is up 28% over the past month.
