TPT Global Tech Inc (OTCMKTS:TPTW) Shares retreat on profit booking

TPT Global Tech Inc (OTCMKTS: TPTW) stock was in the midst of a strong sell-off yesterday and ended down 9% as a result. While the decline was steep, investors may also need to keep in mind that the stock is up another 33% over the past week.

Commercial data

On Thursday, TPTW stock fell 9.58% to $0.0059 with more than 15.63 million shares, compared to its average volume of 3.66 million shares. The stock moved in a range from $0.0106 to $0.0154 after the trade opened at $0.0140.

Recent News

However, in light of yesterday’s drop, it may be time for investors to look back on yesterday’s announcements. TPT Global Tech announced yesterday that it is seeking a partnership with the City of Tuskagee Alabama to invest in the operation, development and management of a “smart city”.

It was also announced that the land for the joint partnership will be provided by the City of Tuskagee. On top of that, the company also announced that it will receive a wide range of benefits ranging from grant funding to new tax credits in the event the deal goes through. Although the announcement was significant, it appears that investors were not fully satisfied with it and as a result the stock may have suffered from a sell-off.

technical data

TPTW stock is trading below the 50-day and 200-day moving averages of $0.0112 and $0.0163 respectively. However, the stock is trading above the 20-day moving average of $0.0096.