Intermap Technologies Corp (OTCMKTS:ITMSF) Stock Falls 8% In a Week: Here is Why

Investors in Intermap Technologies Corp (OTCMKTS:ITMSF) have not had a particularly great time in the past week since during that period; the company’s stock has recorded a decline of as much as 8%.

Market Action:

On Wednesday, ITMSF stock slid 1.79% at $0.7017 with more than 43.30K shares, compared to its average volume of 41.42K shares. The stock has moved within a range of $0.7013 – 0.8241 after opening the trade at $0.8000.

Major News

The company, which is regarded as a worldwide leader in geospatial content and intelligence products, announced yesterday that had signed a new Masters Services Agreement with the company Dewberry. The contract was awarded under the prime contract under U.S. Geological Survey (USGS) Geospatial Products and Services (GPSC4). In this regard, it should be noted that the company had been a subcontractor in the past and had been involved with this very contract since as far long back as 2010.

The financial specifics of the contract were not disclosed but it is a significant new contract for Intermap and could prove to be a major long term boost for Intermap. However, on the other hand, the news of the contract did not elicit much excitement from investors yesterday and the Intermap stock suffered from a selloff. In this context, it might be a good idea for investors to perhaps be a bit careful with regards to the stock and wait for further developments.