Profit booking is a factor that can often break momentum and bring about a sharp correction in a stock and that is what happened with the Elvictor Group Inc (OTCMKTS:ELVG) stock on Tuesday.
On Tuesday, ELVG stock fell 14% to $0.0680 with more than 313k shares, compared to its average volume of 167K shares. The stock has moved within a range of $0.0600 – 0.0830 after opening trade at $0.0830.
Investors decided to take some of their profits off the table yesterday and that led to a decline of as much as 14% in the Elvictor stock. While that may be the case, it is also necessary to keep in mind that the stock has performed strongly in the past week and is up by as much as 95% in that particular period.
However, in this context, it is also necessary to point out that earlier on in the week on November 15, the company had provided an update to its shareholders with regards to factors which might have an effect on its business in the near term.
Elvictor noted in its update that at this point of time the company is now at a development stage and its revenues remain minimal. However, in the third quarter, the company did manage to record a major rise in its revenues in the third quarter and that could have been a factor behind the current bullish sentiments with regards to the Elvictor stock.