Shineco, Inc. (TYHT) stock is currently being traded at a price of $4.18 after an increase of $0.29 (7.46%) in the premarket after closing at $3.89. With a market capitalization of 30.659M, it has an average volume of 1.763M. TYHT stock has shown an overall decrease of 34.18% in the month. The stock has continued to make lower lows and is currently showing a bearish trend on DTF.
Why TYHT Stock has shown Volatility?
TYHT stock has shown a huge amount of volatility with gaps during the run. The chart shows candles with huge wicks which is an additional confluence of how the stock is currently reacting. 21st April 2021, the stock started showing a parabolic movement towards the upside from the accumulation zone and made its ATH at $19.40. The stock started showing a change in market direction from bullish to bearish on 24th May 2021, when it failed to create a Higher High resulting in BOS (Break of Structure) from the Supply/ Distribution Zone. After that, the stock printed a red candle on a DTF that brought the price back to the accumulation zone. The stock has been going down since.
Risk analysis shows that the company’s earnings have reduced by 66.7% in the last 5 years. A total of 11 shareholders holds 26.42% of the company with ShanchunHaung owning 9.9% of the shares.
TYHT’s Statement and other plans.
On 11th June, regarding this volatility, the company issued a response that they are unaware of the reason why the stock was moving too much. After discussing with its office bearers and stakeholders they announced that there isn’t any corporate development related to its business that they have not announced.
On May 4th the company had also proposed to acquire 51% equity Interests in Mayah Biological Holdings Limited; a British Virgin Island biotechnological company that focuses on the development of chemical and biomedicine with its headquarter located in Taiwan.
About the Company
Shineco, Inc. (TYHT) creates and sells plant-based health and other products through the help of its subsidiaries in China. These include herbal medicine, trees, organic fruits and vegetables, health supplements, textiles, and fabrics as well. The company was formerly known as Beijing Tenet Jove Technological Development Co., Ltd and changed its name to Shineco, Inc. (TYHT) in 2005.
