Cavitation Technologies Inc (OTCMKTS:CVAT) Stock Pulls Back On Profit Booking After Recent Gains
After having gone through a fairly strong rally for some time, the Cavitation Technologies Inc (OTCMKTS:CVAT) stock corrected yesterday and went down by 4%. In this context, it is necessary for investors to note that despite the drop in the stock price yesterday, it is still up by as much as 25% over the past week.
Market Stats
On Wednesday, CVAT stock went down 4.230% to $0.0680 with more than 463K shares, compared to its average volume of 209K shares. The stock moved within a range of $0.0533 – 0.0725 after opening trading at $0.0725.
Cavitation Technologies, Inc. Announces an Agreement with SD Partners, LLC to Help Promote Sustainable Water Treatment to New Industries
As it happens, the company was actually in the news yesterday after it announced that it had signed an agreement with the company Sustainable Development Partners LLC. Sustainable Development a global consultancy firm which specialises in projects related to infrastructure.
The infrastructure projects that the company gets involved with are focussed on sustainable development through the usage of renewable energy as well as clean water supply. By way of this agreement, Sustainable Development is going to be involved in providing assistance to Cavitation Technologies with the development of the latter’s proprietary technology for industrial water treatment.
It goes without saying that the partnership could in fact prove to be a significant one for the company in the long run. At this point in time, it may be a good move to keep an eye on the Cavitation Technologies stock.
Key Quote
Neil Voloshin, CFO/COO of Cavitation Technologies, Inc., stated, “We are currently working on securing a grant in South Africa and once it’s finalized, we will begin system trials of small mobile units in treating produced water for agriculture and human consumption- potential of our technology is tremendous – and could be applicable worldwide. Our goal is to reach remote areas in small communities that are deprived of water, with an initial focus on climate-vulnerable areas, where one mobile unit could really make a difference and help the world treat contaminated water in the most efficient and economically sensible way.” Mr. Voloshin continued, “We look forward to working with SD Partners and are excited to take the next strong step forward in our mission to deliver the most trusted, simple-to-use, and easily integrated green technology to communities that need it most.”
Traders Corner
CVAT stock is trading below the 50-Day and 200-Day Moving averages of $0.0796 and $0.0829 respectively. The stock is trading in the neutral zone with RSI stands at 51.