Galenfeha Inc (OTCMKTS:GLFH) Stock Jumps After A Key Update
One of the stocks that had emerged as a major new mover on Wednesday was that of Galenfeha Inc (OTCMKTS:GLFH) which ended the day with gains of as much as 20% following a major new announcement. The company announced yesterday that New Green Holding Inc had engaged its services for the purpose of working on its hemp cultivation and sales business.
Trading Data
On Wednesday, GLFH stock soared 20% to $0.0480 with more than 26.80K shares, compared to its average volume of 22.37K shares. The stock moved within a range of $0.0260 – 0.0489 after opening trade at $0.0440.
Galenfeha, Inc. Establishes a Position in a Hemp Cultivation and Product Sales Company
However, that was not all. It was also noted that as part of the transaction Galenfeha had also decided to pick up a 10% stake in New Green Holdings. The news came as a source of considerable optimism for investors and that was reflected in the price action that was seen in the stock yesterday.
It is now going to be interesting to see if the stock can manage to hold on to its momentum over the course of the coming days. New Green Holdings is a company which is looking to process, cultivate and ultimate sell hemp related products across the United States. In order to accomplish that the company is actively looking to make acquisitions this could help in each stage of the process. It remains to be seen if the Galenfeha stock can manage to add to its gains today.
Technical Data
GLFH stock is trading above the 20-Day and 50-Day Moving averages of $0.0380 and $0.0391 respectively. However, the stock is trading below the 200-Day moving average of $0.0569.
