Product development company Kronos Advanced Technologies Inc (OTCMKTS:KNOS) has had a bit of an up and down ride in recent times but yesterday the stock was on the up. As investors flocked to the stock on Monday, it ended up with gains of as much as 5%.
Market Action
On Monday, KNOS stock gained 4.48% to $0.0233 with 2.86 million shares, compared to its average volume of 625K shares. The stock has moved within a range of $0.0220 – 0.0250 after opening trade at $0.0224.
Secures Major PPE Contracts; Provides Corporate Update
While the gains are notable, it should also be noted that the Kronos Advanced stock is still down by as much as 7% for the past week. Yesterday, the company was in focus among investors after it announced that it had bagged a new contract for supplying health masks, COVID 19 Test kit product, medical gloves and Personal Protective Equipment (PPE).
It goes without saying that the contract is a significant one and especially so considering the fact that the Omicron variant of the COVID 19 virus is spreading once again. In addition to that, the contract is also going to be important for the company as it forms a major part of its growth strategy for 2022. The company has also launched marketing initiatives for the purpose of selling PPE kits and testing kits through direct sales from manufacturers. Kronos Advanced is mainly interesting in selling to governments and clients.
Key Quote
Michael Rubinov, CEO of Kronos, stated, “We are pleased to announce the supplies contracts for PPE, masks, gloves and test kits which are in great demand now as the country is going through the latest and most rapidly spreading Covid variant that is responsible for 73% of US cases, a rate which White House chief medical advisor Dr. Anthony Fauci called “unprecedented” during a Good Morning America appearance recently.
Traders Note
KNOS stock is trading below the 20-Day and 50-Day Moving averages of $0.0267 and $0.0323. Moreover, the stock is trading is the neutral zone with RSI stands at 40.
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