Everyone wants to profit on a stock that jumps 50%. With penny stock trading, those wins are more likely to occur. One such instance includes a blockchain penny stock, Integrated Ventures Inc (INTV Stock Chart). This stock had just reached its year-low less than a month ago at $0.075. The stock had been in a downtrend for a year, but could this recent move act as a reversal?
Penny Stock News Triggers Momentum
The penny stock saw above-average momentum on May 10th giving it a little push into the weekend. Integrated Ventures’ stock then proceeded to increase by 166% in two days. The price went from $0.15 on Monday to $0.399 by Tuesday. This was one of the largest jumps in the stock’s price all year. The move was motivated in part by multiple positive press releases showing the company’s development.
Why the Huge Move?
Recently, Integrated Ventures reported strong quarterly revenues, an increase in company assets, and a decrease in liabilities. The company also has some recently released penny stock news that brings a bright outlook on the stock’s long-term prospects.
Integrated Ventures is a cryptocurrency operations company that creates blockchain software and sells crypto mining equipment. They recently signed an agreement with PetaWatt Properties which might prove to be extremely beneficial. The agreement with this power company is expected to lower Integrated Ventures power costs by 50%. This is an insanely smart move due to mining cryptocurrencies taking a lot of power. This company will definitely be on many traders penny stock watch lists.
“Deal with PetaWatt secures the key component for profitable mining operations – an access to the reliable and inexpensive electricity. This agreement will allow Integrated Ventures to mine far more profitably than North American competitors and provide hosting services at the market’s most competitive price point.”Steve Rubakh, Integrated Ventures CEO
Unfortunately, just like the broader markets, INTV stock has been the victim of a bearish move. May 16-May 17 shares of the blockchain penny stock took a big hit. They moved from prices above $0.30 to a low of $0.164 on May 17th. Will shares of this stock ever recover?