This morning as we go into the noon hour the DOW is down 200 points, but a trading frenzy is taking place on the US OTC exchange as shares of Alternet Systems, Inc. (OTCMKTS: ALYI) are up over 35%. The stock has seen over 10,000 individual trades take place on the OTC this morning, a level that is rare for any stock to see on there in half of a day’s worth of action. Take a look at the chart.
What is driving this move? Alternet Systems stock has a market cap of roughly $28 million US dollars and generated $240 in revenue last year while losing $396,000. The company is positioned as an innovator in the electric vehicle space, which has attracted the attention of lots of traders thanks to the price action of Tesla and Nikola stock. It is developing “ReVolt” electronic motorbikes that it is planning to sell in Africa. The company has released a series of over a dozen press releases in the past six weeks that have helped to attract the attention of stock traders.
Last week it issued one with the headline “ALYI Investment Prospects Could Exceed $100 Million Target.” In it says it that it will provide an update on Wednesday that will present a comprehensive update “on the $100 million transaction intended to fund ALYI’s electric mobility business. RevoltTOKEN has just secured the last key component necessary to proceed with the funding transaction.” This investment is necessary for Alternet to begin to manufacture its “ReVolt” motorbikes. It says that its upcoming presentation “will specifically include an overview on how the $100 million funding target could well be exceeded.”
People are no doubt buying into this presentation today. There is excitement on twitter as you can see here.
Fail to prepare, prepare to fail!! Took the time yesterday to ready my watchlist, even when on vacay. Nailed my plan on $ALYI.. Buy the dip sell into strength.. 10k shares @ 0.0352 out 0.043s avg… +$252.00 after coms!! Now offout for dinner!! 🙌🏼 #WorkFromAnywhere @timothysykes pic.twitter.com/oK6E4Ldht8— Harry Corker (@CorkeryHarry) August 31, 2020
$ALYI Overnight hold sold a little too soon, was nervus that the chart could just reverse at any moment, bought 44132 at 0.0270 sold at 0.0397 I was not sure if 0.04 would act as resistance. Thanks, @twoleftfeetango I ended Aug up $1,053.51. @traderkylec @timothysykes @tbohen pic.twitter.com/VYJcFGNRoI— I Like It Apparel (@molonelabe) August 31, 2020
I have no position in this stock and am not trading it. I have no idea whether or not it will be able to achieve the funding needed to successfully go forward and am personally not willing to make that gamble. More details will come from the company Wednesday. I prefer to buy stocks that have specific trading patterns and entry points that I look for. Every morning before the opening bell I send a free email to subscribers about the top stock market stories I am following and trade ideas. You can get this for free just click here to subscribe.