Chart of the Day: US Defense link boosts Anteotech (ASX:ADO) to 85pc rise
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Nanotech play Anteotech (ASX:ADO) enjoyed a day out yesterday, finishing the day up 8.5c or 85% to finish at 18.5c.
Volume was suitably enormous at 171m shares traded, which went through at an average of 17.38c for the session.
In so doing it left a very chunky gap on the chart from its previous close of 10c which dates back to the 29th of January.
The stock has been in uptrend since first really getting things moving in July of 2020.
The exact nature of Anteotech’s business is just abstract enough to allow one’s imagination to run wild if so inclined.
Per their announcement yesterday morning, their supply strategy is to support assay development of key customers using their surface coating tech, which is called AnteoBind.
As such, today’s announcement was actually about AnteoTech’s own customer Ellume picking up an agreement with the US Department of Defense.
That’s a little different, and in this case it’s made a big difference.
Their most recent quarterly showed $6.4m cash on hand good for 9.7 quarters of their current ops as an estimate.
We don’t currently own it, but will continue to watch with interest.
Steve Collette of Collette Capital Pty Ltd (ABN 56645766507) is a Corporate Authorised Representative (No. 1284431) of Sanlam Private Wealth (AFS License No. 337927), which only provides general advice.
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