After starting the day up nearly 40% from yesterday’s closing bell, the stock for Eco Building Products (OTC: ECOB) hung on tight to capture a fractional gain by the end of trading today. Shares of the “green” company closed at $0.11, or 4.9% to the plus side. Volume was heavier than normal as a tad under 2.5 million shares exchanged hands compared to a three-month average daily volume of 600,000.
Buyers rushed in as the opening bell clanged, driving Eco Building Products share price to $0.144, or about four cents higher than Tuesday’s closing print. Part of the early morning burst can be attributed to the news that the company secured a $100 million credit facility. The opening price also happened to be the high for the trading session. By the time 30 minutes had elapsed, sellers pushed the stock down to a minimal gain. Over a million shares traded in the first half-hour of trading. Share prices for the remainder of the day wobbled between $0.115 and the intraday low of $0.108. Volume on the close was light.
Nearly a year ago, the stock traded at its 52-week high of $0.29. Since last July, shares prices have declined like a Slinky going down a staircase. The stock hit an annual low of $0.06 at the beginning of June. Volume over the last 30 days has been on the rise as the stock attempts to climb out of the cellar. A few weeks ago the stock touched $0.15.
The company manufactures and sales wood products that protect building components made out of wood from moisture, mold, fungus, mildew, termites and other boring insects. Eco Building Products was founded in 2007 and is headquartered in Vista, California.
A glance at newsletters on stockreads.com and promoters touting the stock at stockpromoter.com reveal no recent mention of Eco Building Products. On Twitter, however, several people made comments about today’s action. @OTCStockPicks1 took note of the high volume and they also had a comment about potential gains for the stock. @AlliedInvestors had Eco Building Products as a pre-market pick for today, but @gorillastocks was not excited about the chatter.
During the decline over the last year, the stock has tried several times to gain its footing with each rally failing and the stock heading lower. Before making an early June low, share prices traded sideways around a dime for several months. With volume picking up, traders will contemplate over the next few days whether this time is different. Does the abrupt retreat from a positive opening signal more of the same, or can this Slinky climb up the stairs?
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