It was a forgettable day in the markets for investors in Gold River Productions Services Inc (OTCMKTS:GRPS) as the company saw its stock go through a significant selloff and ended the day with a decline of as much as 29%.
Trading Data
On Wednesday, GRPS stock lost 29.17% to $0.0051 with more than 1.94 million shares, compared to its average volume of 2.42 million shares. The stock moved within a range of $0.0051 – 0.0073 after opening trade at $0.0073.
Gold River Productions Services, Inc. Provides Further Revenue Guidance for Calendar Years 2023 and 2024
Considering the magnitude of the fall, it could be a good time for investors to work out if the stock is going to continue to slide today or if there is any chance of a quick recovery. The stock dropped yesterday after the company provided a clarification with regards to its revenue projections for the calendar year of 2023 and the year after.
It should be noted that not too long ago Trans American Aquaculture had gone public by way of a reverse merger with Gold River Productions. It was noted that Trans American was witnessing a spike in demand for the broodstock and also for the PL’s from some of the biggest aquaculture operators in the world.
The company had projected revenues of $7 million next year and $14 million the year after. It was noted yesterday that albeit its cautious, it believes that its revenues for the calendar years 2023 and 2024 could actually surpass the projections.
Key Quote
Adam Thomas, Chairman and Chief Executive Officer of Trans American Aquaculture commented, “It is important that the conservative nature of our company kicks in. We feel very comfortable about our previous guidance. Although it is difficult to estimate broodstock and PL sales because they are coming in from many countries and multiple continents, we are confident that we can exceed previous guidance based on the trends we are seeing from the marketplace. There is a strong demand for our shrimp and our genetics.”
Technical Data
GRPS stock is trading above the 20-Day and 50-Day Moving averages of $0.0041 and $0.0046 respectively. However, the stock is trading below the 200-Day moving average of $0.0061.
