Why Did NutraNomics Inc (OTCMKTS:NNRX) Stock Slump On Wednesday?

It was a tough day in the markets for investors in NutraNomics Inc (OTCMKTS:NNRX) as the company’s stock suffered from a selloff and recorded a decline for the day. The company, which is one of the upcoming leaders in the plant-based innovation space, was in the news yesterday after it made an announcement with regards to its business unit The Plant.

Trading Data

On Wednesday, NNRX stock decreased 75% to $0.0000 with more than 384.25 million shares traded, compared to volume of 101.73 million shares. The stock moved within a range of $0.0000 – 0.0002 after opening trading at $0.0001.

NutraNomics, Inc. and The Plant Announce Record October 2022 New Sales Bookings

The company announced that The Plant had managed to generate record sales for the month of October with sales bookings to the tune of as much as $777,709. The represented the highest sales bookings for a single month in the history of the company.

While it cannot be denied that it was a major new development for the company, investors did not quite see it in the same light and the NutraNomics stock went through a selloff. It is now going to be interesting to see if the stock can bounce back today and make a recovery or not.

It was also noted that The Plant had been getting white label manufacturing orders from its growing list of clients on a regular basis. Additionally, it added as many as four new customers in the month of September.

Key Quote

“Our team’s execution of our go-to-market strategy is clearly working,” stated Jonathan Bishop, NutraNomics’ CEO. “Our value approach with our customers centers around positioning ourselves as a core component to our customers success. Simply put, if our customers are successful, we are successful. With the addition of our new sales professionals in Southern California, we look forward to expanding our success plan into this region as well.”

Technical Data  

NNRX stock is trading below the 20-Day and 50-Day Moving averages of $0.0002 and $0.0002 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0003.