The shares of ReTo are on a roll, probably on a bullish response from investors regarding some rumors.
The shares of ReTo Eco-Solutions (RETO) are trading over 100% following a jump above the century mark in the premarket. Reportedly, the investors are jumping in large numbers amid the rumors that ReTo Eco-Solutions will be announcing more news about projects for the 2022 Winter Olympics in Beijing.
Late last month, the company obtained State-backed funding with the launch of its second high-visibility Beijing Winter Olympics Competition Zone project. With that, things have gone more bullish as investors seemingly wait for the next big news.
ReTo Eco-Solutions Inc (RETO) is a company striving to bring clean water and fertile soil to communities all over the company. RETO shares have jumped over 109.41% to $2.47—beating its 52-week high at $3.65—as we write this.
As mentioned above, the stock is probably—up—pushed by two rumors. With the trading volume over a whopping 125 million, investors are betting on the stock with ReTo’s commitment to the 2022 Winter Olympics.
Investors are looking forward to some breakthrough announcements regarding the Olympic Games in Beijing. It’s anticipated that the company’s collaboration with the 2022 Olympics is set to expand, which has pumped the investors.
Another major rumor that has hit the news reports is that tech giant, Apple wants to acquire ReTo. This would be quite extraordinary if this news turns into reality. As per the reports, the iPhone maker is interested in acquiring ReTo Eco-Solutions.
With that being, it’s just a rumor nothing much. But rumors can’t be denied that easily as they hold the potential news inside them.
In late 2020, the company updated its first six-month outcomes for the year. The net revenues dropped from $14.13 million to $3.14 million year-over-year. The drop in revenues was driven by the adverse impact of the pandemic on the economy.
Whereas, on the balance sheet, the company had cash and cash equivalents of almost $0.2 million, along with accounts receivables of $6.7 million. Among the total receivables that are to be collected, the company has obtained around $1.3 million after June 30, 2020. While the remaining balance is expected to be paid before the first half of 2021.
ReTo Eco-Solutions (RETO) following the clearance to work on the Olympics project has enthused the investors. We might see the stock going up and down throughout the year based on the commitments on the Olympics projects. For the fundamentals looks fine, while the company is working to improve the liquidity to overcome the pandemic crisis. For a further long-term outlook of the stock’s position, we will have to look at the technical analysis of RETO.