After having emerged as one of the biggest gainers in the market over the past week, the VaporBrands International Inc (OTCMKTS:VAPR) stock corrected sharply on Thursday and wend down by as much as 28%. While the correction in the stock was considerable, it ought to be noted that the stock is still up by a massive 70% over the past week.
Market Reaction
On Thursday, VAPR stock slumped 28% to $0.0095 with 2.59 million shares, compared to its average volume of 285K shares. The stock moved within a range of $0.0086 – 0.0132 after opening trade at $0.0130.
VAPR E-Cite Motors Secures 2.2 Million Dollar Facility and Acquires Acclaimed Auto Repair Supporting its’ EV Auto Manufacturer with a Big Advantage over Other Automobile Companies
Could it go on another rally? In order to work it out, investors need to take a look at the development from yesterday. The company, which is now involved in the innovative electric vehicle manufacturing space, announced yesterday that it had managed to secure a facility worth as much as $2.2 million.
In addition to that, it also announced that it had managed to complete the acquisition of the company Acclaimed Auto Repair. At this point, the company is known as E-Cite Motors, which is a reflection of its new direction into the electric vehicle space. The latest announcement also indicated the aims of the company from now on. It could be a good idea for investors to keep the stock in their watch lists and watch for the movements in the coming days.
Traders Review
VAPR stock is trading below the 20-Day and 50-Day Moving averages of $0.0069 and $0.0070 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0122.
