Applied UV (NASDAQ:AUVI) stock is on the move Thursday as investors react to the disinfectant company getting $4 million in orders.
Applied UV notes that this order comes from hotel and multi-family developers for inside furnishings. With this comes more than $2 million in cash deposits. This news comes as the company seeks to broaden its clientele and dilute its reliance on Chinese customers.
Max Munn, CEO of Applied UV, said the following about today’s news.
“Our growth trajectory in the hospitality and leisure division remains robust. This significant cash from notable developers emphasizes our strategy’s validity and the importance of our domestic production capabilities.”
Applied UV also points out that this builds on its backlog of orders. That includes an announcement back in July that its backorders were up to $22 million. That means the company has plenty of business in the coming months.
AUVI Stock Movement Today
Alongside today’s news comes a rally for AUVI stock. This is the result of the company’s shares seeing heavy trading today. As of this writing, more than 1 million shares of the stock have been traded. That’s already above Applied UV’s daily average trading volume of about 633,000 shares.
AUVI stock is up 15.4% as of Thursday morning. However, the stock is still down 84.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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