Innovative Designs Inc (OTCMKTS:IVDN) is best known for selling and marketing an insulated house wrap which is unique, however, its stock took a significant beating on Monday.
Market Reaction
On Monday, IVDN stock fell 21.50% to $0.20 with more than 33K shares, compared to its average volume of 12K shares. The stock moved within a range of $0.1551 – 0.2001 after opening trade at $0.2001.
Innovative Designs Adds New England Retailer
Yesterday, the Innovative Designs ended up with a decline of as much as 21% amidst a strong selloff as investors headed for the exits. However, it ought to be noted that the company actually made a fairly positive announcement yesterday with regards to the fact that it had added Hamshaw Lumber to its list of retailers. It could prove to be an important addition to the list for the company considering Hamshaw Lumber’s credentials in the business.
The company had been established in 1980 and at this point in time Hamshaw Lumber boasts of seven retail locations in total. Hence, it might help Innovative Designs in further expanding the foot print of its product. Chris Calcari, who is the buyer at Hamshaw Lumber, noted that the first order that the company had placed was for its store in Orange, Massachusetts. It now remains to be seen if the stock can bounce back any time soon over the course of the coming days or not.
Key Quote
Hamshaw Lumber buyer, Chris Calcari, commented, “A contractor and homeowner inquired about the Insultex House Wrap, with an R-Value of 6, at Hamshaw Lumber. After doing research, I was impressed with the energy efficiency it offers along with its environmental impact. Our first purchase order is in route to our Orange, Massachusetts store.” Innovative Designs CEO, Joseph Riccelli, commented, “We are pleased to begin doing business with Hamshaw Lumber. Their coverage in the New England area will open up opportunities for homebuilders and contractors to have easy access to our house wrap.”
Traders Review
IVDN stock is trading below the 20-Day and 50-Day Moving averages of $0.26 and $0.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33.
