Environtech Vehicles Inc (OTCMKTS:ADOM) Stock Continues to Consolidate

In the past week, the Environtech Vehicles Inc (OTCMKTS:ADOM) stock has not had a particularly great time in the markets and recorded declines of as much as 6% during the period.

Market Action:

On Thursday, ADOM stock fell 0.13% at $0.2350 with more than 208.69K shares, compared to its average volume of 397.20K shares. The stock has moved within a range of $0.2303 – 0.2398 after opening the trade at $0.2353.

Delivers Four Vehicles to Basin Upfitting

In this situation, it is important for investors to consider if the decline in the stock could in fact be a fresh opportunity for investors. To that end, it could be a good move to take a look at an announcement that was made by Environtech on Thursday. The company, which is best known for its zero emission customised electric vehicles, announced yesterday that it had been successful in delivering a solitary cargo van and three trucks to the company Basin Uplifting.

While the news about the delivery was an important one, it is perhaps also necessary for investors to keep in mind that earlier on this year in July there was another important development. At the time Environtech announced that it decided to get into a Factory Authorized Representative agreement with the truck and van equipment installation providing company Wasatch Clean Energy. By way of that agreement, Wasatch Clean Energy is going to promote, service and sell products that belong to Environtech.

Key Quote:

“We are excited to kick off our FAR relationship with Wasatch Clean Energy with this order from Basin Upfitting for four of our best-in-class electric vehicles,” commented Phillip Oldridge, CEO of Envirotech Vehicles.

Traders Note:

ADOM stock is trading below the 20-Day and 50-Day Moving averages of $0.25 and $0.27 respectively. Moreover, the stock is trading below 200-Day moving average of $0.35. The stock is up 30% in the past 3-month.

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