Environtech Vehicles Inc (OTCMKTS:ADOM) Stock Extends Rally: Jumps 10% in a Week

If you are looking into electric vehicle stocks this week then it might be a good move to look into the Environtech Vehicles Inc (OTCMKTS:ADOM) stock today. The Environtech stock has been one of the major movers in recent days and it continued yesterday, as it jumped by as much as 5%.

Market Action:

On Monday, ADOM stock jumped 5.45% at $0.2515 with more than 715.98K shares, compared to its average volume of 397.27K shares. The stock has moved within a range of $0.2378 – 0.2590 after opening the trade at $0.2395.

Two Vehicles to Shine Solar, LLC

That took its gains for the past week to as much as 10%. Yesterday, the company was in the news once again after it announced that it had completed the delivery of one truck and one van to the company Shine Solar LLC. It was a significant announcement from the company and hence, it was perhaps not a surprise that investors moved in on the stock yet again.

In this regard, it is possibly important for investors to keep in mind that there have been some other important developments as well which have contributed to the rally in the stock. Earlier on in the year in August, the company had also inked a Factory Authorized Representative Agreement with the company Shine Solar and that was another vital move.

As per the provisions of the agreement, Shine Solar was going to be given the right to sell, promote and service Environtech equipment in the United States.

Key Quote

“It is encouraging to see the progress that we are making with our FAR agreements as we have recently delivered a total of six vehicles to two of our newer FAR’s, and eight vehicles this year to the group,” commented Phillip Oldridge, CEO of Envirotech Vehicles. “Shine Solar has a broad and expanding service area and customer base throughout Arkansas, Missouri, Oklahoma, and Tennessee, and we look forward to penetrating those markets and providing our best-in-class vehicles to their customers who are actively searching for green energy solutions.”

Traders Note

ADOM stock is trading below the 200-Day and 50-Day Moving averages of $0.35 and $0.27 respectively. However, the stock is trading above the 20-Day moving average of $0.25. The stock is down 41% in the past 6-month.

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