The Save Foods Inc (NASDAQ: SVFD) stock price soared 137% despite the company’s lack of recent news releases. The lack of news means we can attribute the latest rally higher to upbeat investor sentiment about the company.
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As a penny stock with a market valuation of $4.94 million today, Save Foods is prone to sudden price movements like what we have witnessed today. The stock’s massive rally has been driven by the over 8 million SVFD shares that have been tarded so far during the premarket session.
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Save Foods is an agri-food tech company specializing in eco-crop protection that helps to reduce food waste and ensure food safety while reducing the use of pesticides. One of its latest news includes the start of its first large-scale commercial pilot with Congeladora Nino, a leading Mexican strawberry packer.
The commercial pilot was designed to test the efficacy and benefits of Save Foods’ solutions on strawberries in the context of long-distance shipping (10-31 day duration) as well as the strawberries’ resultant shelf life in stores following the use of Save Foods’ solutions.
Therefore, despite a lack of recent press releases, Save Foods was on the right track with its business attracting new customers, albeit on a trial basis, since its solutions have yet to be proven and widely used in its target markets.
It is not advisable to chase a stock higher; hence, investors who missed out on the latest rally in SVFD stock should wait a few days for the price to come back down, which it usually does after such a parabolic rally.
The trial with Congeladora Nino is expected to take 20 weeks after the two firms completed some smaller-scale trials where Save Foods’ solutions demonstrated up to 85% waste reduction.
Value investors looking at Save Foods stock should wait for a pullback before buying. However, day traders who love volatility may already be trading in and out of the stock. Still, one must be cautious trading penny stocks to avoid being left holding the bag after the momentum dies down.
Save Foods (SVFD) stock price.
The Save Foods (SVFD) stock price soared 137.00% to trade at $1.48, from Friday’s closing price of $0.6329.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.