What's Going On With Greenwave Technology

Greenwave Technology Solutions, Inc. GWAV shares are trading higher Tuesday after the company announced the completion of its recapitalization.

The Details:

Greenwave said it has strengthened its balance sheet by approximately $80.5 million since February and has a current cash balance of over $26 million, its strongest cash position in company history. 

The company also said it is on track to generate revenue exceeding $40 million in 2024, driven by volume of steel and copper processed.

Greenwave said it intends to utilize additional cash flow from operations to aggressively grow and increase processing volume and plans to expand its technology platform, ScrapApp.com, nationwide and to continue AI development. 

According to data from Benzinga Pro, more than 5 million shares have already been traded in Tuesday's session and the stock has a float of only 5.78 million shares. 

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Should I Sell My GWAV Stock?

Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.

Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.

Shares of Greenwave Technology have lost 98.4% year to date. This compares to the average annual return of -91.78%, meaning the stock has underperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Greenwave Tech Solns stock currently has an RSI of 0.0, indicating oversold conditions.

For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.

GWAV Price Action: According to Benzinga Pro, Greenwave Technology Solutions shares are up 7% at $1.98 at the time of publication Tuesday.

Image: Courtesy of Greenwave Technology Solutions, Inc.