On Wednesday, there were a number of notable gainers in the markets which are expected to come back in focus among investors in a big way today. One of the stocks that made eye catching gains yesterday was that of Planet Resource Recovery Inc (OTCMKTS:PRRY), which attracted considerable attention from investors and ended up with gains of as much as 67% yesterday.
Considering the magnitude of the gains, it is a good time for investors to figure out if there is going to be further gains or if the stocks is going to decline due to a case of profit booking. First and foremost, it is necessary to check out the sort of operations that the company is involved in before getting into the latest developments.
Trading Data
On Wednesday, PRRY stock surged 66.67% to $0.0100 with 18.06 million shares, compared to its average volume 698K shares. The stock moved within a range of $0.0072 – 0.0137 after opening trade at $0.0080.
About Planet Resource Recovery
The company is based out of Nevada, which had recently been in the news after it had managed to complete the acquisition of the all-terrain vehicle MAX ATV line of products. It was also noted that Planet Resource Recovery was also going to start the manufacturing of the product lines soon.
In this context, it is perhaps important to point out that Planet Resource Recovery has been in existence for more than 56 years and holds considerable experience in several industries including engineering, manufacturing and business management among others. It has also been noted by the company that is going to continue to invest heavily in research and development for the purpose of churning out more such vehicles and accessories in the future.
Planet Resource Recovery, Inc. (OTC:PRRY) ATV Manufacturer Business Development Update
Yesterday, Planet Resource Recovery was in the news after the company provided an update with regards to its MAX ATV line of products project. The company announced yesterday that it was on the verge restarting the manufacturing of the MAX ATV vehicles. The vehicles had originally been manufactured back in the period between 1969 and 2013 by the company Recreatives Industries Inc in Buffalo, New York.
It was a major new announcement from the company and the possibility of the start of the production process led to considerable excitement among investors. Galen Reich, who is the President of Planet Resource Recovery, announced that the company was looking to provide outstanding off-road mobility to both the commercial and consumer markets.
At this point in time, the company is trying to launch the MAX ATV product line production through the use of tried and tested methods so as to build up the supply chains. In addition to that, Planet Resource Recovery is also looking to achieve acceptance in the market quickly after having acquired the intellectual property for these vehicles.
The all-terrain vehicle industry is growing and at this point in time the demand for it rising at the rate of 1,010,000 vehicles a year. In addition to that, the MAX parts website that has been designed by Planet Resource Recovery is going to go live soon as well. That will quickly establish Planet Resource Recovery as the main supplies of genuine OEM MAX auto parts as well.
Technical Data
PRRY stock is trading below the 20-Day and 50-Day Moving averages of $0.0069 and $0.0082 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0105. The company has a total market capitalization of $2.94 million. The stock is down 47% over the past month.
