Terra Tech Corp. (OTCMKTS:TRTC) Slips Once More
For a while the share price of Terra Tech Corp. (OTCMKTS:TRTC) wobbled along on low daily volumes. On Wednesday TRTC took a more dramatic plunge as volume came back up. The stock dropped 7% to a close of $0.32 per share, and share volume went back over 1 million.
It’s difficult to believe that TRTC lost 35% of its market cap in less than a month, especially considering the positive announcements that have been made in the meantime. TRTC chimed in with Nevada news concerning its operations in the state and the push to get dispensary, cultivation and growing ops up and running. Even though the current state of affairs was described as a ‘success’ in the PR, the market’s reaction suggests traders might think otherwise.
The dates provided by the company for the completion of all licensing procedures and the start of construction of its Las Vegas dispensary are almost all in 2015. With this wait in mind, it’s not unlikely that the price fumbles further.
The last quarterly report was not much different from what was expected:
- $3.4 million in cash
- $10.2 million in current liabilities
- $1.3 million in Q3 revenues
- $9.2 million in Q3 net loss
Revenues shrunk dramatically quarter over quarter but TRTC looks like it will be able to meet its $7 million 2014 guidance. However, the gross margin is still thin, even if it did see some improvement QoQ. Net loss has also grown drastically compared to the previous quarter.
There is likely a lot going on with TRTC at the moment, considering the busy licensing schedule for the multiple marijuana-related locations the company is striving for. However, investors will probably not get many new meaningful updates on the subject before the announced dates come. It remains to be seen how well TRTC fares in this time.
