Emerging telecom technology systems integrating company Fortran Corporation (OTCMKTS:FRTN) saw its stock going through a selloff on Tuesday as it ended the day with a decline of as much as 7% for the day. The company was, in fact, in the news yesterday after it made an announcement with regards to the activities of B and L Telephone, its subsidiary unit.
On Tuesday, FRTN stock decreased 6.77% to $0.1748 with more than 2.40K shares, compared to its average volume of 4.04K shares. The stock moved within a range of $0.1550 – 0.1748 after opening trade at $0.1550.
Fortran Corporation Announces Successful Completion of 21 North Carolina School Technology Upgrades
Fortran announced that B and L Telephone has been busy throughout the course of the summer in its work related to the upgrading of the capabilities in as many as 21 schools in three counties in the Western North Carolina region.
Glenn Withers, who is the Chief Executive Officer and President of the company, noted that the upgrades were going to help the schools in providing better services to its faculty as well as to its students. In this regard, it ought to be noted that most projects related to schools are conducted in the summer since it helps in causing minimum disruption to the regular day to day functioning.
While the announcement from Fortran was a significant one with regards to its subsidiary unit’s activities, it did not lead to any major optimism among investors.
FRTN stock is trading above the 20-Day and 50-Day Moving averages of $0.17 and $0.14 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.19. The company has a total market capitalization of $4 million.