While shares of Gamestop (NYSE: GME) crashed yesterday after its big run, today shares of Greene Concepts, Inc. (OTCMKTS: INKW) are catching the attention of small traders that prefer to trade penny stocks more than large cap stocks. The stock is up 40% in early morning action today on over 177 million shares of volume. It is one of the most actively traded stocks on the US OTC exchange and the stock has been a steady rise now for over a week.
The company has a lot of shares outstanding so it has a market cap of roughly 85 million US dollars. It only has a trading float of around 350 million shares so almost half of its float has turned over today in a trading frenzy. The company reported revenue of $51,000 last year and an operating loss of $708,000. What the company does is sell bottle spring water in a product line its calls “Be Water.”
Yesterday it announced that it began selling its bottled water on Amazon.com and sold out in its first day. Lenny Greene, CEO of Greene Concepts stated, “Due to the overwhelming response and positive demand for our BE WATER product, we sold out the same day that our online listing debuted. In fact, it sold out within a couple of hours after the day’s press release. While I am happy with our January 29 product sales, I am most happy knowing that we have the capacity to meet this demand. We are working diligently with Amazon to replenish the inventories as quickly as possible.”
This type of news and the stock price action has created a lot of interest among traders on Twitter.
$INKW Wow!! All I got to say….I remember when I bought in at .0002 and sold at .0012 because it wasn't moving for 2 months. Now look today 3 months later .04+. I swear patience is the way to go. Congrats to all that stayed 🙌🏾
— CrownKing👑 (@OnlyCrownKing) February 2, 2021
Thanks for the update! $INKW 🥳 https://t.co/4dkh00T4im
— ♟THE QUEEN’S GAMBIT♟💎🙌🏽 (@Digosenian1) January 28, 2021
$INKW our time to shine! 🚀
— Team_AG (@AG_Team00) February 2, 2021
I do not own this stock and am not trading it. Neither is Mike Swanson, the head editor of this website. His top stock pick for this month is a lithium/silver play. You can get find out about it and get his free stock trading alerts by joining his update list by clicking here.
-Tim
