Terra Tech Corp (OTCMKTS:TRTC) Accelerates Downhill
The last couple of weeks were a good run for Terra Tech Corp (OTCMKTS:TRTC). The company’s share price more than doubled within the space of six sessions but it seems all momentum has been lost. Yesterday’s session saw TRTC drop in double digits and close at $0.151 per share.
The bounce that pushed TRTC up over 100% in such a short while came after the stock hit a new 52-week low at $0.08, which makes it difficult to determine what part of it was technical and what part was caused by the three rapid-fire announcements TRTC put out, starting on the first day of the bounce.
There is very little that could be considered a game changer in those announcements, which is also why it’s difficult to imagine that the first of them triggered the green push. TRTC made multiple announcements of the same nature in the past, informing that new dispensaries were signed on to sell the company’s IVXX product line. However, this was, for the most part, met with resounding indifference on the charts.
As usual, investors on Internet discussion boards are blaming yesterday’s drop on panicky investors looking to cash out into the price spike. However, this could just as easily be the market’s normal reaction to the stock’s movement, as TRTC had already become oversold before it reversed in the red.
The company’s next quarterly is due in a little over a week. This should show just how much of an impact a full quarter of ramping up IVXX sales had on the company’s bottom line. TRTC quoted that its Q1 revenue was up year-over-year primarily because of revenues generated by IVXX even though IVXX products launched into active sales some time into the quarter and were sold in a far smaller number of locations.