A strong rally in stock almost always attracts more investors to a stock. However, if the stock enjoys a remarkably strong rally despite there being no news about the company, then it is important for investors to take a closer look. TPT Global Tech Inc’s (OTCMKTS:TPTW) stock has rallied by as much as 900% over the course of the past week despite there being no material news regarding the company.
Hence, in order to demystify this rally, it is important for investors to know a bit more about the company and then take a look at the most recent events.
About the Company
The company works as a content hub for syndication in domestic and international markets. It is based out of San Diego in California, and it provides its services across the globe. On top of that, TPT is a technology company as well and offers a range of Software as a Service (SaaS), Cloud-based Unified Communication as a Service (UCaaS), and Technology Platform as a Service (PAAS) products to its clients. In order to make some sense of the remarkable rally over the course of the past week, investors need to take a closer look at two events from April.
Recent News
Back on April 27, TPT announced the launch of a new Medical Technology and Supply Division known as TPT MedTech LLC. The new division is going to offer 4G/5G telecommunication services, teleconferencing services, PPE supply products, and Medical SaaS to the medical industry. In addition to that, TPT is also going to offer social media and mobile TV platforms to its medical industry clients. This is a natural progression for the company in an industry that is growing at an impressive pace.
On the other hand, TPT is also going to work with civil as well as federal bodies with regards to PPT contracts and help fight the coronavirus pandemic. The company has also launched its own website www.tptmedtech.com, which can be accessed by retail customers to have a look at TPT’s PPE products directly. This is a timely diversification to the portfolio of the company, and considering the sort of demand there has been for PPE products, it is not a complete surprise that TPT decided to go into this business.
Earlier on in April, the company also released its financial results for the fiscal year 2019, and revenues went through the roof. The revenues stood at $10.2 million, which reflected a year on year rise of as much as 990% for TPT. The remarkable rise in revenue helped TPT in reducing its losses to $152571 from $2897807 a year ago, and that reflects a major improvement. The launch of TPT MedTech and the company’s performance in the fiscal year 2019 show that TPT is likely going in the right direction.