Terra Tech Corp. (OTCMKTS:TRTC) Idles After Jump
After a bit of intra-day oscillation, yesterday’s session left the share price of Terra Tech Corp. (OTCMKTS:TRTC) almost where it was at the open – just shy of 1% down, with volume significantly decreasing at just over 3 million shares changing hands.
Monday’s explosive run that dragged TRTC back over the $1.00 dividing line seems to have been cut short. The bounce came in the wake of insider selling and a significant drop that pushed TRTC from $1.40 to $0.87 in just a few sessions. As we examined in previous articles, the drop was exacerbated by the appearance of several new Form 4 filings on behalf of three company directors who unloaded shares wholesale on the open market, cashing in 300,000 shares at an average of just over $1.00.
TRTC timed its latest press release with uncanny precision, dropping what many perceived as big news right as the price was tumbling downhill. The company announced the purchase of a custom extractor from Eden Labs that should be worth around $125 thousand, comparing the parameters given to Eden Labs’ product catalog.
The extractor unit is described by the company as the ‘first step’ in the development of a facility in California, even though detailed plans about this are rather hazy at this point in time. The release managed to stop the price drop with surgical precision and the bounce was immediate. However, it may prove to be shorter than investors had hoped. Share volume faded significantly yesterday and the ticker closed red, even if less than 1%.
It remains to be seen whether the news announcement made a strong enough impression on traders to prop the share price further up or it was a momentary splash.
The OTC market was once again dominated by tickers in some way related to marijuana. Tranzbyte Corp. (OTCMKTS:ERBB) and Growlife, Inc. (OTCBB:PHOT) were among the biggest dollar volume movers but one was less fortunate than the other. ERBB dropped almost 2% to a close of $0.09 per share and PHOT managed a recovery of 15% in the green.
