NaturalShrimp Inc (OTCMKTS:SHMP) Stock Gains Momentum After The Recent Fall
NaturalShrimp Inc (OTCMKTS:SHMP) stock popped 4% last week as it continues to bottom out after the recent pullback. The stock is down by about 15% year to date underperforming the S&P 500, which is up by more than 20% heading into the year-end.
Market Stats
On Thursday, SHMP stock ended flat at $0.33 with more than 900k, compared to its average volume of 1.54 million shares. The stock has moved within a range of $0.3087 – 0.3335 after opening trading at $0.32.
Discusses Significant Expansion Strategy and Upcoming Uplisting with The Stock Day Podcast
Amid the underperformance, NaturalShrimp has made significant progress as it seeks to affirm its value as a shrimp farming company. The company is fresh from inking an agreement with Gulf Seafood. The agreement is for the distribution of 25,000 pounds of live shrimp.
The company is also working on a deal that could see it start making deliveries to a store in the Midwest with 300outlets. The aquaculture company is also seeking g to put together a home delivery service directly from the company.
NaturalShrimp has also embarked on an expansion plan as it seeks to take advantage of its operations in Webster city, whereby it can produce over 1 million pounds of fully built out. According to Chief Financial Officer William Delgado, the operations should be up and running in the second quarter of next year.
Key Quote
Jolly began the interview by asking about the Company’s distribution progress. Delgado elaborated on the Company’s recent distributor agreement with Gulf Seafood for 25,000 pounds of live shrimp involves a unique harvesting and packaging process. “Since we’re selling a smaller shrimp, our cost now is at three dollars per pound,” said Delgado. “We’re shipping this week,” he added.
Traders Corner
SHMP stock is trading below the 20-Day and 50-Day Moving averages of $0.34 and $0.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.44.
