Thursday turned out to be a fairly tough day in the markets for investors in Cavitation Technologies Inc (OTCMKTS:CVAT) as the stock suffered from a significant selloff and ended the day with a decline of as much as 10%. The company, which is one of the leaders in the ESG driven business space, announced yesterday that it had managed to close the sale of a pair of Nano Reactor Systems.
On Thursday, CVAT stock moved down 10.48% to $0.0410 with 73.89K shares, compared to volume of 81.42K shares. The stock moved within a range of $0.0410 – 0.0478 after opening trade at $0.0420.
Cavitation Technologies, Inc. Advances Footprint in India Completing Tenth Nano Reactor System Sale in Partnership With Desmet Balestra Group N.V.
The items have been sold for being used in a soybean oil refinery located in India. The sale in question had been initiated by DesmetBallestra Group NV, which has been Cavitation Technologies’ strategic partner since as far long back as 2010. Additionally, DesmetBallestra also holds a license for vegetable oil refining technology.
The company also noted that the coronavirus pandemic had made it a challenge to provide a reliable food supply chain in many countries in South Asia, a region that is known for its steadily rising population. Cavitation stated that agriculture in a vast Asian country like India could benefit immensely through the emergence of mechanized farming methods. Although the stock went through a selloff yesterday, it remains to be seen if it can make a recovery anytime soon.
Neil Voloshin, CEO of Cavitation Technologies, Inc., commented, “This is the 10th system sale in India to date and 16th in Southeast Asia, a region with significant potential for the edible vegetable oil processing industry. CTi’s Nano Reactor® System (LPN) is to be installed for use in soybean oil refinery totaling capacity of approximately 900 metric tons per day (MTPD). We anticipate the system shipment to be completed in the company’s current quarter.
CVAT stock is below the 20-Day and 50-Day Moving averages of $0.0469 and $0.0477 respectively. However, the stock is trading above the 200-Day moving average of $0.0666. The company has a total market capitalization of $11.15 million. The stock is down 17% over the past three months.