The Climb of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Comes To a Halt
NanoTech Entertainment, Inc. (OTCMKTS:NTEK) have been climbing the charts for over a month gradually, having only 5 sessions in the red. That, however, is starting to change as yesterday’s drop was the biggest for the above mentioned period and their stock’s price is continuing it’s descent even today.
Yesterday’s trade session didn’t go well for NTEK as they lost 13% of their stock’s value, which is the biggest percentile drop that they have had for over a month. It seems that the press release with which NTEK informed its investors and tried to attract further attention in their stock in which they speak about sponsoring several top level MMA fighters did exactly the opposite. You would wonder, why is that, if you haven’t read through their most recent filings.
NTEK aren’t a SEC filer, but instead are doing their filings in accordance with the Alternative Reporting Standard in the OTC Markets. For those of you who haven’t seen the report and are wondering why a long term sponsorship agreement like the one they are bragging about could make a negative impact on their stock’s price we will take a moment to get you acquainted with the numbers of prime interest from their Q1 report.
- cash: $8 thousand
- total assets: $98 thousand
- total liabilities: $1.4 million
- revenue: $256 thousand
- net loss: $230 thousand
As you can see their financial state isn’t rosy, so the drop in price may be attributed to investors who are already on a profit and are selling their stock lower and lower, due to the fact that they see no way of the company sponsoring anything. It might have come as a bit of a dissapointment for the people that are in for the long run, but after all, news of more spending with their current financials are not good news.
You can see the investor dissapointment in today’s trade session as well with NTEK‘s price going a further 19% down in just over an hour of trading under the pressure of people abandoning ship. The volume since today’s market open is rather high with the current number of shares traded coming at a total of 14 million making the trade value $1.1 million.
On the other hand we can’t say that they haven’t had optimistic press releases since the beginning of the month. At first they said that they are expanding their VOD library with over 1000 movies and TV Series and the next day they announced their partnership with another trending penny stock. We are talking about Hannover House Inc (OTCMKTS:HHSE) whose last 2 days went very similar to NTEK‘s, with the stock of HHSE also being down nearly as much as their sliding 18% percent in today’s session reaching its current price of $0.022.
Yesterday’s session had its winners of course, the biggest one of them being Raystream Inc (OTCMKTS:RAYS) who went up a whopping 215% and are now traded at $0.0025, losing some of their momentum having dropped 39% since today’s market open.
