Hydro Power Technologies (PYBX) Stock Corrects On profit Taking: What Next?
Companies which are involved in the green energy space have become quite popular among investors in recent days and considering the policy thrust towards the industry, it is easy to see why. One of the companies involved in that space at this point is Hydro Power Technologies Inc (OTCMKTS:PYBX).
It is a holding company which has diverse interests in green energy platforms like solar, ORC technology and hydro power. Yesterday, the company was in the news after it announced that it hired the services of a PCOAB Accounting Firm with an international presence for its PCOAB Audit.
While the announcement was perhaps mundane in nature, the market did not react kindly to it. The Hydro Power Technologies stock actually suffered from a selloff yesterday and went down by as much as 13%.
The company announced that it signed an agreement with the firm AJSH & Co LLP, which is an accounting firm with an international presence, back on June 18, 2021. It has also emerged that Hydro Power is going to complete the audit of its financial statements for the past two years so that it can submit the Form 10 to the United States Securities and Exchange Commission.
Market Reaction:
On Thursday, PYBX stock slid 13.51% to $0.0320 with more than 929k shares, compared to its average volume of 242K shares. The stock has moved within a range of $0.0270 – 0.0369 after opening the trade at $0.0369. Over the past 52-week, the stock has been trading within a range of $0.0155 – 0.2000.
