Viking Energy Group Inc (OTCMKTS:VKIN) Stock Bounces Back After The Recent Fall

In recent times, Viking Energy Group Inc (OTCMKTS:VKIN) has been in significant focus among investors and the situation remained the same on Tuesday as the stock soared by as much as 5%.

Trading Data

On Tuesday, VKIN stock gained 5.42% to $0.6405 with more than 62K shares traded, compared to its average volume of 344k shares. The stock has moved within a range of $0.5750 – 0.6700 after opening trading at $0.5750.

Recent News

There was no news about the company yesterday but in this context, it might be a good idea to take a look into an announcement made by the company back on December 1. The company announced at the time that it had signed a Membership Interest Purchase Agreement by way of which it seeks to complete a 100% acquisition in a group of companies which are working on the construction of a processing plant located in Reno in Nevada.

It should be noted that Viking Energy announced that the agreement in question had actually been signed back on November 18, 2021. In this situation, it needs to be pointed out that the plant in question is going to be engaged in the production of renewable diesel.

It was also announced that the plant is going to have the capability of producing around 43,000,000 gallons of renewable diesel on an annual basis. The plans is around 95% complete and hence, there may be a degree of excitement among investors as a consequence.

Technical Data

VKIN stock is trading below the 20-Day and 50-Day Moving averages of $0.75 and $0.92 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.75. The stock is up 51% in the past 6-month.