The Renova Health Inc’s (OTCMKTS:RNVA) stock has been making a move up the charts in recent days after having been down in the dumps for many months. Yesterday, the trading volume in the Renova went through the roof as 3.63 billion shares, with a dollar value of $4 million changing hands. The stock has emerged as one of the favorites for investors interested in small-cap stocks.
Additionally, it is one of the more searched and talked about stocks in the market among small caps as well. That has resulted in the strong reversal in a trend seen in the price action after the Renova stock recorded continuous declines over several months. The company is vertically integrated and is involved in the health care and services space.
At this point, Renova operates three hospitals in rural Tennessee and a physician’s office in the same state. It has a rural clinic in Kentucky as well. In addition to that, Renova also provides software support and diagnostics services to healthcare providers.
There are some other important factors that might have instigated the fresh interest in the Renova stock. At this point, the company is looking to expand its hospital division management team with regard to its rural hospitals in Tennessee.
On top of that, Renova is also looking to raise capital so that it can further upgrade and stabilize its management throughout the course of the year. Last year the company generated revenues to the tune of $7.8 million. More importantly, the company is confident that its strategy of owning as well as operating hospitals in the rural areas of a closed geographical is a sound business strategy.
In light of the latest action in the Renova stock, it might be a good move for investors to take a look at an announcement made by the company last month.
The company announced that it ended discussions with TPT Global Tech Inc with regards to the merger of Health Technology Solutions Inc and Advanced Molecular Services Group Inc, its software and genetic testing interpretation businesses, into InnovaQor.
This was a significant announcement from the company and it came about back on March 8 this year. The two companies had been working on completing the deal for many months but ultimately it did not come to pass. It now remains to be seen if the Renova stock can continue to hold on to its momentum over the coming days.
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