Global Tech Industries Group Inc (OTCMKTS:GTII) Stock Sees Profit Booking After Monster Rally

Over the course of the past three weeks the Global Tech Industries Group Inc (OTCMKTS:GTII) stock has been in the middle of a rollicking rally but yesterday it suffered from a selloff and slumped by as much as 25%.

Trading Data

On Tuesday, GTII stock slumped 25% to $5 with more than 7.24 million shares, compared to its average volume of 1.13 million shares. The stock moved within a range of $3.8000 – 7.2000 after opening trade at $6.84.

Recent News

That being said, it is important for investors to note that in the past three weeks the stock has managed to clock gains of as much as 700%. Earlier this week on October 2 the company was in the news after it announced that after having discussed the matter further with its legal team, Global Tech Industries had decided to keep the exercise price of it warrants unchanged from last year. The company stated that it had decided on the move with the interests of the shareholders in mind.

As per the registration that had been made by the company with the United States Securities and Exchange Commission back in August last year, the original exercise price of the warrants had been set at $2.75. The company had initially wanted to change the exercise and reduce it in order to provide shareholders with an opportunity to get a better deal. However, it was decided that in their best interests it was better to leave it as it was.

Technical Data

GTII stock is above the 20-Day and 50-Day Moving averages of $2.47 and $1.14 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.34. The company has a total market capitalization of $1.28 billion.