Gbs Inc (NASDAQ:GBS) Stock Sees Selling At Higher Level: Time To Sell?
Last week Gbs Inc (NASDAQ:GBS) had been one of the stocks to watch out for after the company announced that it had been awarded a notable monetary grant.
However, the situation has changed considerably this week and on Thursday, the stock corrected sharply to decline by as much as 20%. There has been no fresh news about the company this week and hence, it might be a good idea to take a look at the development from last week. The company announced that it had been awarded a scientific grant from the Australian Federal government worth as much as $4.7 million.
The grant is meant for helping the build out of the Biosensor facility that is meant for manufacturing. The build out of the Biosensor facility has been recognised as on the six National Manufacturing Priorities by the Australian government under a new initiative known as the Modern Manufacturing Strategy.
Officially, it is known as the Medical Products Priority Grant and is granted by the Australian Federal Government’s Department of Industry, Science, Energy and Resources’ Modern Manufacturing Initiative. The fact that GBS was chosen as one of the recipients for the same was a major milestone for the company.
Market Reaction:
On Thursday, GBS stock fell 20% at $3.43 with more than 1.04 million shares, compared to its average volume of 540k shares. The stock had moved within a range of $3.4300 – 4.1400 after opening the trade at $4.08. Over the past 52-week, the stock has been trading within a range of $2.4410 – 14.2400.
