Global asset management company Starfleet Innotech Inc (OTCMKTS:SFIO) saw its shares correct sharply yesterday and fall as much as 12% after surging strongly. That being said, it is perhaps also necessary to note that over the past week the stock is still up 60% despite yesterday’s drop.
On Wednesday, SFIO stock fell 12.50% to $0.0322 with more than 4.77 million shares, compared to its average volume of 2.29 million shares. The stock moved in a range from $0.0322 to $0.0430 after the trade opened at $0.0397.
SFIO Announces $50 Million Eco-Luxury Community Project in Famous Puerto Princesa, Palawan
In order to get a better idea of the stock’s fall yesterday, investors might well take a look at the company’s announcement yesterday. Starfleet Innotech announced yesterday that it has ended 2021 by creating a joint venture with Filipino partners.
Through this joint venture, the company will help build a state-of-the-art, environmentally friendly health and wellness community in Puerto Princesa, Palawan. The property in question sits on the edge of the bay and remains one of the most popular Philippine destinations in the world.
Starfleet Innotech will not only own the project, but also develop it and it is clear that it could prove to be a major source of revenue in the coming year. Investors would do well to keep an eye on Starfleet Innotech stock.
SFIO stock is below the 20-day and 50-day moving averages of $0.0391 and $0.0392 respectively. Additionally, the stock is trading below the 200-day moving average of $0.0641. The stock is down 18% in the past month.