Diversified industrial firm Innovest Global Inc (OTCMKTS:IVST) was in the middle of a strong rally last Friday and went up by as much as 9% as investors piled on to the stock following a key announcement.
Market Action
On Friday, IVST stock jumped 9% to $0.0300 with more than 33k shares, compared to its average volume of 58k shares. The stock has moved within a range of $0.0270 – 0.0300 after opening trade at $0.0270.
Innovest Global, Inc. to Accelerate Objectives; GPC Capital and New Leadership
The company announced that GPC Holdings managed to get a voting majority in Innovest Global and will be involved in accelerating its growth. It was further announced that GPC is also going to work towards hitting the goals that had been laid down by Dan Martin, the found of Innovest and the chairman of its board. In this context, it might be a good idea for investors to get an idea about the sort of goals that the company is going to be working on.
One of the major goals of the company at this point is to create an exchange traded platform company. The company in question is aimed at running a smooth operation of entities that may be acquired by Innovest and then cash in on efficiencies that are brought about by integrations. Innovest will also be looking to grow sales. In light of the gains made by the company and the latest announcement, it might be a good idea for investors to add the Innovest stock to their watch lists.
Key Quote
Shaheed Bailey, GPC Holdings’ Managing Partner and Innovest’s new Chairman of the Board and interim CEO, stated, “GPC has been following Innovest for three years, and we were incredibly impressed with Dan and the milestones reached despite limited outside capitalization and the interruptions presented by Covid-19. Noting that he had stabilized the business since the initial pandemic disruptions, by cutting significant overhead and having a smart go-forward plan, we made contact and proposed entering in this capacity to compliment what has already been achieved; with the focused capitalization, acquisition, uplist, and operating philosophies that are our expertise. We are confident that the business is at the perfect stage for us to enter and that the business model will result in exceptional success.”
Traders Note
IVST stock is trading below the 20-Day and 50-Day Moving averages of $0.0336 and $0.0428. Moreover, the stock is trading below the 200-Day moving average of $0.0749. The stock is down 54% over the past month.
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