There may not have been any news at all about Greene Concepts Inc (OTCMKTS:INKW) on Monday but that did not ease the downward pressure on the stock and it ended up with a decline of as much as 14% yesterday. In this situation, it could be a good idea for investors to consider taking a look at the development from October 6 and then make their minds up about the stock one way or another.
On Monday, INKW stock lost 14.63% to $0.0070 with more than 4.22 million shares, compared to its average volume of 13.26 million shares. The stock moved within a range of $0.0070 – 0.0083 after opening trade at $0.0075.
Greene Concepts Contracts with Metatron Inc. to Develop Hydration Tracking App
At the time the company had jointly announced with Metatron Inc that the two had gone into collaboration for developing a new hydration application. Greene Concepts contracted the services of Metatron for the purpose of developing the app that is mean for bringing about greater consumer awareness and hydration.
The app is going to help users to easily and automatically keep track of their water intake on a daily basis. At the same time, it would be possible to compare the daily water intake in terms of activity levels, height and weight. It was a major new development for Greene Concepts but it did not bring about any great enthusiasm among investors at all. It remains to be seen if the stock can bounce back any time soon.
INKW stock is trading below the 20-Day and 50-Day Moving averages of $0.0091 and $0.0104 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0078.