Shares of Taronis Technologies Inc. (TRNX), a renewable resources company, saw its share price explode during Friday trading session. The penny stock touched highs of $1.20 during premarket trading.
Since the open at $0.889, this penny stock made a new 2 month high of $1.04; a 56% gain and a 2-month high. Shares of Taronis also saw trading on record volume. At the time of this article over 19 million shares were traded, compared to the 3-month average of 5.9 million.
What Happened With Penny Stock, Taronis Tech?
It’s quite simple, and for two reasons. On Thursday, TRNX announced its 2018 earnings. The company reported record revenue of $9.7 million. This represents a 161% increase from 2017’s $3.7 million, which is significant growth.
Last year was a busy year for TRNX, it completed six acquisitions in California, the company’s fastest growing region, and Texas. Through these the company expanded its distribution reach in the industrial gas and welding supply markets, the main driver of its revenue growth.
Another reason why TRNX stock saw its share price jump today was due to having a low float of 3.4 million shares. This is signifying that there is not a lot of shares available to the public. When a low float penny stock sees a surge in investor interest as TRNX did today, there is a very limited number of shares to satisfy that retail investor interest. As a result, this causes the share price to move very quickly.
This year TRNX has already announced revenue for the months of February and March. Those figures total $3.68 million, just shy of beating 2017’s annual revenue within just two months. If TRNX can keep up the sales momentum as the year progresses, it may just see another year of record revenue.
