Todor Pichurov

NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Hammered Into the Ground

by Todor Pichurov April 8, 2015

The recent chart performance of NanoTech Entertainment, Inc. (OTCMKTS:NTEK, NTEK message board) looks quite capable of giving investors the jitters. The company kept carving new 52-week lows in March and with April rolling in, it kept diving lower. Yesterday volume on NTEK was particularly heavy, at 27 million shares traded – the heaviest daily volume going six months back. The stock took another blow and logged a new 52-week low, closing at $0.013 per share.

NTEK has been going through a very rough patch on the charts for about six months. The price has gone down about 85% from early October levels. NTEK is doing its best to keep investors happy, pushing regular press releases but it doesn't seem to be doing much to help the price.

The company announced an agreement with Paramount Pictures covering box office hit and critical success “Interstellar”. NTEK's UltraFlix platform should now carry the movie, streamable to all subscribers. On the day of the “Interstellar” announcement, NTEK's share price shot up a sizable 22%. This turned out to be a brief breather before the downward spiral continued.

Only yesterday NTEK put up more news. The company now has a new agreement with Paramount, covering the streaming of “G.I. Joe: Retaliation”. The 2013 action flick is the newest addition to the UltraFlix catalog and a much needed one, at that. Unlike the “Interstellar” announcement, the new PR provides no date on which the movie will be up for viewing but rather states that this will happen “in April”.

Unlike the previous Paramount announcement, yesterday's PR did absolutely nothing for share price, unless you consider driving it another 7.5% down on massive volume an achievement. Despite logging ever new lows, NTEK is still within regular trading ranges, even if it's on the brink of becoming oversold. Which way the price heads from here remains to be seen.

Comments 1

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