The recent stock price movement of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) has increased the concerns of investors. It recorded new 52-week lows in the month of March. There is no improvement recorded in the stock price even in April. However, on Friday’s trading session, the stock price surged more than 15% to close the week at $0.0135 on share volume of 36.11 million compared to share volume of 7.55 million.
The dull response
The gains come after a long struggle. The company stock price has been trading weak for about six months. In fact they have plunged more than 80% from early October levels. NanoTech is doing its best to keep shareholders happy, pushing regular news but it doesn’t seem to be supporting the price. Few days ago, it even disclosed a key deal with Paramount Pictures.
It was about having the box office hit “Interstellar” on its UltraFlix platform. It will now include the movie in its catalog which will be streamable to all subscribers. The news received a warm response from the investors as the stock price posted gains of 22%. It was a short-term relief before the downward spiral movement started again.
The expanding catalog
In last week, NanoTech Entertainment, Inc. (OTCMKTS:NTEK) put up more news. It entered into a new agreement with Paramount. This time deal was to cover the streaming of 2013 action flick “G.I. Joe: Retaliation”. It now will attract more users to the UltraFlix platform. It is a much needed boost for NanoTech. No matter that the latest addition increases the value of UltraFlix catalog but it failed to increase the stock price of the company.
One of the reasons behind the dull response can be no confirmation on the release date. As of now, the press release just states that it will be available for viewing in April. Just after the announcement share price declined another 7.5%. The latest surge in stock prices only Friday can be called as a pullback from oversold levels.