TPT Global Tech Stock Soars 22% on High Volume: But Why?
Over the past weeks, many stocks have risen like the proverbial phoenix and delivered significant gains to investors. In such a situation, it is important for investors to keep an eye on such stocks and perhaps take a closer look at the developments. One of the stocks that have made such a move is that of TPT Global Tech Inc (OTCMKTS:TPTW).
The TPT Global stock has been in the micro-cap category for some time, but in recent weeks, the bulls seem to have taken charge of the stock, and it has managed to power into the penny stock territory. On Thursday, the stock continued in its merry ways and soared by as much as 22%.
It has emerged as one of the leaders among small caps with regards to trading volumes, and the daily traded volume has surpassed several million dollars almost every other day. The reason behind the rally in the TPT Global Tech stock is also quite understandable.
The company is involved in the 5G space, which is all set to be the standard in mobile networks soon. TPT Global is specifically involved in taking 5G technology to the rural areas in the United States and in Brazil. For the year that ended on December 31 last year, TPT Global reported total sales of $10.158 million.
However, that is not the only reason why the stock is soaring. The company recently announced that its medical arm, known as TPT MedTech, has managed to develop a mobile turnkey coronavirus testing and monitoring lab known as Quiklab. Considering the soaring demand for such products at this point in time, it is a timely offering from TPT Global.
It was back in June that the company announced that it had completed the manufacturing of the product. However, in this regard, it is also necessary to note that TPT MedTech managed to come up with this product only after it had acquired Aire Fitness recently.
According to the company, the product in question uses a two-stage solution that is combined with a PPE distribution model. The PPE distribution model is based on Federal space (VA/DoD/FEMA/CDC/NG) and also the top 20 National Hospital Group Purchasing Organizations (GPO).
Now that the number of cases are rising again, the need for such a product is going to be there, and that could see the demand for Quiklab rising. Hence, it could be said that TPT Global has managed to come up with the product at an opportune time. On top of that, investors need to keep in mind that this point of care diagnostics is growing quite fast and could be worth as much as $46.7 billion by the time 2024 comes along.
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