One of the stocks to have ended up as one of the biggest movers this past Friday was that of ITOCO Inc (OTCMKTS:ITMC). Following a key announcement from the company, investors piled on to the stock in a big way and sent is soaring by as much as 53% amidst heavy interest.
Trading Data
On Friday, ITMC stock gained 53.37% to $0.0399 with more than 45K shares, compared to its average volume of 44.25K shares. The stock moved within a range of $0.0344 – 0.0400 after opening trade at $0.0344.
ITOCO Gives Shareholders Stronger Say in Company’s Future
The company announced on Friday that it had decided to cancel the central block of shares which had bestowed the control of ITOCO on a solitary individual. Due to the cancellation of that block of shares, it would provide all shareholders with a much stronger say in the future of ITOCO as a company.
It goes without saying that it was a major announcement and the reaction from the investors suggests, that the move got the thumbs up. It is now going to be interesting to see if the stock can manage to stay in focus this week and add to its gains or not. Michael Paul, who is the Chief Executive Officer and President of ITOCO, spoke about the move as well. He noted that the move had long been overdue and it would empower the shareholders of the company with the opportunity of providing their inputs.
Key Quote
“This is something that was long overdue and provides our shareholders with the opportunity to have more input into the company’s growth,” says CEO and President Michael Paul.
Technical Data
ITMC stock is trading below the 20-Day and 50-Day Moving averages of $0.0478 and $0.0951 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1160.
