So far in morning action the stock market is up as the DOW is rallying over 200 points following a speech by Jerome Powell announcing a long-term change to the Federal Reserve’s view of inflation. This action is helping drive short-term traders to look for stocks to buy. On the US OTC market shares of Bantec Inc. (OTCMKTS: BANT) are soaring up over 131% in morning action. Take a look at the chart.
As you can see Bantec stock has smashed through a 0.004 resistance peak of the past week to rally hard today. The company itself loses money having lost over two million dollars in the last quarter while the stock has a market cap of only $1.2 million. It has created a bit of controversy as a writer on Seekingalpha.com wrote a post making it sounds like its trading popularity was due to “boiler room” type activity on Twitter and discord. One thing that has helped interest in the stock is that Bantec has put out press releases linking its operations to the biggest trends of the day. For instance a few weeks ago it issued one titled “Bantec Online Store Featuring Covid-19 Sanitizing Products and Robots is Open for Business.”
In this release the company stated that “Our UVC Advanced Robot operates autonomously, automatically docking and recharging, disinfects a 30m^2 area (322 sq/ft) in fifteen minutes, using UVC lamp and/or disinfectant liquid spray to kill germs by destroying and decomposing DNA & RNA proteins and kills 99.9% of all bacteria. Our robot ultimately reduces the spread of viruses, bacteria and other harmful microorganisms.” On twitter there is a lot of excitement about BANT stock as you can see here.
$BANT .0124 a/s 6B $19M liabilities $3.5M+ net loss 3x r/s last 4 years; Pumped to Dump up to 1.5B shares into market next weeks/ months ⚠️ https://t.co/txGVUKAMwO add Michael Bannon to your #otc #scamlist for fleecing shareholders year after year on false claims/ statements pic.twitter.com/U0QKWxaTFQ— Rogier (@RogierJW) August 27, 2020
I have no position in BANT stock and am not trading it. Neither is Mike Swanson who is the editor of this website. He puts out a free email update every morning with the top stories he is following and stocks. You can get it for free just click here to subscribe.