Shares in the penny stock of Stevia First Corp. (OTC : STVF), an early-stage agribusiness focused on the industrial scale production of stevia, is starting to become one of the cheap stocks to add to the list of penny stocks to watch. STVF dropped 15 cents in the last trading session, -10.07%, at $1.34 after the penny stock reached as low as $1.30 during the investing day. Perhaps the lease of some land might bring some luster back to one of the otc stocks that was so hot a month ago.
Stevia, the all-natural zero-calorie sweetener that is rapidly transforming the food and beverage industry, is a product line that could bring hundreds of millions to commercial growers of the plant. STVF finally took the first step to make that happen today by announcing a lease agreement for 1,000 acres.
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STVF Stock Snap Shot:
Market Cap: 68.94M
Shares Outstanding: 51.45M
5 Day Summary:
Percent Change: -11.84%
Moving Average: 1.52
Average Volume: 1,043,610
2nd Resistance Point: 1.5133
1st Resistance Point: 1.4267
1st Support Level: 1.2767
2nd Support Level: 1.2133
STVF announced that they have secured a lease for the company’s first major land position towards the development of a 1,000 acre base of commercial stevia operations. Stevia First Corp.’s base of operations will be based on the newly leased lands over the next few months as efforts move from internal studies and seed propagation into planting activity for the 2012 season.
STVF Management identified hundreds of acres within the leased land’s 1,000 acre property that looks prime to offer favorable conditions for stevia planting after completion of typical ground preparatory efforts and fertilization.
Bottom Line: This is good news for the company that gained over 200% from the 85 cent alert we made on STVF. The stock blew up with no offices or land to grow on…not even a seed. Now that STVF is ready to get sweaty and start seeding, add them back on to your list of penny stocks to watch but check the resistance levels before making any sudden moves. This could hit $1.20 or below before it starts trending back towards $1.50.