A key announcement from the Texas based conglomerate Concordis Group Inc (OTCMKTS:CNGI) on Tuesday led to a major rally in the stock. As investors piled on to the stock in a big way, it rallied strongly and ended the day with gains of as much as 200%.
Market Reaction
On Tuesday, CNGI stock soared 199.40% to $0.2994 with 617 shares, compared to its average volume of 607 shares. The stock has moved within a range of $0.2994 – 0.2994 after opening trade at $0.2994.
Key Trigger
In light of such enormous gains, it might be a good time for investors to take a closer look into the developments yesterday. The company noted that it is looking for profitability through key acquisitions and went on to state that it is also looking for more capital investment by way of an uplisting to a large stock exchange.
In this situation, it may be a good idea for investors to take a closer look at the nature of the company’s business. The company mainly works through a number of its subsidiaries and is involved in engineering services, architecture and designing.
Concordis is mainly engaged in construction and land development as a company. It is involved in constructing schools, office buildings, retail spaces and healthcare establishments among others. Yesterday’s announcement came as a massive boost for traders and the stock soared as a consequence. It will be interesting to see if traders remain bullish today or not.
