The Cryptyde Inc (NASDAQ: TYDE) stock price rallied 33.4% after revealing that its wholly-owned subsidiary, Forever 8, had generated over $1 million in revenues in a single day. Investors cheered the news, given the significance of the $1m round figure.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
Forever 8 is a company that offers e-commerce cash flow management solutions. It generated over $1 million in revenues on its first operating day, a significant achievement by most business and investing standards.
Top Broker Recommendation
- eToro Top stock trading platform with 0% commission – Read our Review
- Tickmill Regulated by the FCA – Read our Review
- Admirals (Admiral Markets) More than 4500 stocks & ETFs available – Read our Review
- Spreadex Spreadex has been around for a long time – Read our Review
- IG Top-tier regulation – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Cryptyde noted that Forever 8’s success was proof of its significant potential to become a leading provider of e-commerce cash flow management solutions. The firm has a different approach to cash flow management since it integrates inventory capital, cash flow management and order optimization solutions into current business models.
Investors cheered the news, given that Forever 8’s business model gives insight into the revenues generated by its cash flow management clients, which can help it tailor its solutions to the circumstances of each business.
Cryptyde reiterated its commitment to driving growth and innovation by supporting Forever 8’s advancement to establish the business as a global leader in the e-commerce industry.
However, Cryptyde shares did not hold on to their gains after the markets opened and were trading up just 3.56% at writing.
As an investment fund, Crytyde seeks to generate growth by acquiring and managing technology. Apart from Forever 8, the company’s other investment is Ferguson Containers, a full-service manufacturing and logistical solutions provider for product and packaging needs.
The lack of ongoing momentum in Cryotyde’s stock price indicates that investors are still unsure whether the company deserves a premium valuation based on a single day’s performance of one of its portfolio companies.
Brian McFadden, Cryptyde, Inc.’s CEO, said: “We are delighted to report Forever 8's accomplishment of generating over $1 million in revenue in a single day. Our innovative suite of solutions is disrupting the conventional inventory funding model, as evidenced by our client base.”
*This is not investment advice.
Cryptyde stock price.
The Cryptyde stock price rallied 33.4% premarket to trade at $0.2588, from Wednesday’s closing price of $0.194.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.