Verde Bio Holdings Inc (OTCMKTS:VBHI) Stock Moving in a range: Here is Why
The oil and gas firm Verde Bio Holdings Inc (OTCMKTS:VBHI) has seen its stock moving in a range in recent days. However, it should be noted that stocks which trade in a range can also breakout on a rally and hence, it might be a good idea to take a closer look at the company.
There has been no news about the company in recent days, however, back on July 15 Verde Bio announced that it reached an agreement with regards to the sale of a couple of its assets for a combined $1,105,000. The two assets have been snapped by an anonymous buyer.
At the time the company announced that the transaction was going to be closed by July 23, 2021. However, in this regard, the more important thing to keep in mind is that Verde Bio held these assets for a period of little over three months.
Once the sale is completed, the company is going to record profits of around 84%. On the other hand, all the revenues that are generated by these two assets starting from March 1, 2021 to July 31, 2021 are going to be paid to Verde Bio as well. That works out to around $80,000.
Market Reaction:
On Thursday, VBHI stock fell 0.44% at $0.0112 with more than 8.26 million shares, compared to its average volume of 39.71 million shares. The stock has moved within a range of $0.0109 – 0.0121 after opening the trade at $0.0121. Over the past 52-week, the stock has been trading within a range of $0.0070 – 0.1070.
