Cytta Corp (OTCMKTS:CYCA) Stock Pulls Back On Profit Booking

In recent days, the Cytta Corp (OTCMKTS:CYCA) stock has experienced a certain degree of volatility but that doesn’t mean one should not look into the stock at this point.

Market Action

On Wednesday, CYCA stock  slid 5.33% at $0.16 with more than 90K shares, compared to its average volume of 59K shares. The stock has moved within a range of $0.1555 – 0.1750 after opening the trade at $0.1750.

Becomes a Fully Reporting US SEC Company

Although the Cytta Corp stock did decline by as much as 5% on Wednesday, it should be noted that over the course of the past week the stock is still up by as 16%. The company is involved in the real time video streaming compression software space and it is something that could have wide use in the rapidly growing video streaming industry.

Yesterday, the company announced that the resale registration statement that had been filed by Cytta Corp on Form S-1 had been declared effective by the United States Securities and Exchange Commission on November 3, 2021. It was a major development for the company considering the fact that after the statement was made effective the company became a reporting company with the SEC.

However, at the same time, it is perhaps a bit intriguing that the stock fell sharply after the news was announced. Hence, it could be a good idea for investors to keep an eye on the stock and see if it does manage to make a recovery today.

Key Quote

Gary Campbell, CEO, states, “The successful completion of this filing is a true milestone in our development. This action is fundamental to the Company’s efforts to demonstrate heightened transparency to its investors and bring the Company greater visibility and credibility before a substantially larger group of qualified investors.” Mr. Campbell continued, “We have now fulfilled a commitment we made to our shareholders and put ourselves firmly on the path towards greater access to capital markets via securing a relationship with a reputable investment bank. We believe this will now allow us to fulfill all of our developmental and business objectives going forward.”

Traders Note

CYCA stock is trading above the 200-Day and 20-Day Moving averages of $0.13 and $0.12 respectively. Moreover, the stock is trading above the 50-Day moving average of $0.14. The stock is down 78% so far this year.

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