There has been no news about the blue collar on demand staffing solutions company Labor SMART (OTCMKTS:LTNC) in recent days but the company’s stock was on the radar of many investors yesterday.
The Labor SMART stock soared by as much as 25% yesterday, but at the same time, it cannot be denied that the stock has been in a rut for the past week. Over the past week, the stock is still down by as much as 30%. While there has been no news, it might be a good idea for investors to recognize that Labor SMART has changed the nature of its business this year.
Earlier on in March this year the company announced that it was going to transition into a holding company with interests in a diverse range of businesses. Labor SMART kicked off its diversification strategy through the acquisition of the beverage company Takeover Industries Inc. It could prove to be a major acquisition considering the sort of growth that has been seen in the beverage industry in recent times. However, it should be noted that at the time of the acquisition the company was at a nascent stage and had not actually generated any revenues.
Market Reaction:
On Thursday, LTNC stock gained 24.50% at $0.0071 with more than 135.18 million shares, compared to its average volume of 111.82 million shares. The stock had moved within a range of $ 0.0052 – 0.0075 after opening the trade at $0.0055. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0875.
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