Smartt Inc (CRSM) Stock Falls On Profit Taking: A Good Opportunity?
Profit taking can often lead to a bit of a correction in a stock after it goes on a strong rally and that was possibly the case with the Smartt Inc (OTCMKTS:CRSM) stock on Tuesday.
After having soared by as much as 100% in the previous week, the Smartt stock declined by 20% yesterday and it may have been a case of profit taking from investors. In this situation, it is perhaps important for investors to look into the reason behind the original rally and then figure out if the Smartt stock could be worth getting into at this point.
The rally in the stock was triggered back on July 19 when the company announced that had cancelled its Form D. Smartt revealed that it took the decision to cancel its Form D in order to convey to its shareholders that the company wished to work towards their best interests.
In addition to that, the company also noted that it was growing at an ‘exponential rate’ and the market was expected to take notice of that growth from Smartt in the coming weeks. Despite the fall in the stock on Tuesday, it might be a good move for investors to keep the Smartt stock in their watch lists.
Market Reaction:
On Tuesday, CRSM stock plunged 19.40% at $0.0403 with more than 13.64 million shares, compared to its average volume of 4.17 million shares. The stock has moved within a range of $0.0388 – 0.0530 after opening the trade at $0.0510. Over the past 52-week, the stock has been trading within a range of $0.0051 – 0.0550.
