Why Save Foods Stock Is Blasting Higher

Save Foods, Inc. SVFD shares are trading higher Thursday after the company highlighted its targeting of the U.S. carbon credit market.

The Details:

Save Foods issued a press release detailing its plans to target the U.S. carbon credit market through its majority stake in newly-formed Nitrousink Ltd.

Nitrousink is a research and development company with a solution that reduces the amount of naturally occurring nitrous oxide and reduces bacteria to minimize the emission of the greenhouse gas.

Shares of SVFD are blasting higher on heavy trading volume following the press release. According to data from Benzinga Pro, more than 39.7 million shares have been traded in the session, far surpassing the stock's 100-day average of only slightly more than 16 thousand shares. SVFD has a float of just over 1 million shares.

Save Foods, Inc. is an Israel-based agri-food tech company specializing in eco-crop protection that reduces food waste and ensures food safety.

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SVFD Price Action: According to Benzinga Pro, Save Foods shares are up by 200% at $6.44 at the time of publication.

Image: Alexandra Koch from Pixabay