The healthcare service industry is an ever growing one, accounting for 3 of the biggest 10 industries in the US. It accounts for about 17% of American GDP, making it a trillion dollar industry. With special expertise in an array of business development services, Puget Technologies Inc (OTC:PUGE) has decided to expand their healthcare portfolio through a series of acquisitions in the sector. The company’s recent activities has made it one of today’s hot penny stocks . Shooting up 130% in the last week, PUGE is currently trading at $0.0094 but still has a long list of catalysts ahead of it.
In the past few months, PUGE has kept its shareholders updated on its latest series of negotiations and acquisition projects. Currently, the company aims to offer an integrated health care delivery system by fusing together the needs for behavioral and traditional primary care into one holistic enterprise. They have been working tirelessly on this expansion through a number of pending acquisitions.
One such acquisition – Behavioral Centers of South Florida LLC – was finalized recently and PUGE has since updated shareholders regarding their other pending acquisitions. PUGE appears to be in the process of acquiring Glades Medical Centers of Florida LLC, Florida Behavioral Center, Inc., D & D Rehab Centers, Inc., and Care Suites LLC which will be valuable additions to their holistic mission. These acquisitions seem to be moving forward without delay now that PUGE has signed Letters of Intent for each project.
If PUGE completes its acquisition of Care Suites LLC, the company will be entering the lucrative real estate industry as well. According to PUGE, it intends to take an innovative approach to co-working by using CareSuitesTM’s facilities to enable medical practitioners the comfort of easily transitioning to individual practice.
In keeping with PUGE’s innovative business approach, the company has appointed Karen Fordham as its new President and CEO. Fordham has 20 years of experience under her belt in healthcare management. Thanks to her industry insight, the Puget Board of Directors is exploring another investment opportunity and is completing its due diligence regarding the potential acquisition of photovoltaic nanotechnology. PUGE could apply this technology to solar energy collection devices such as solar panels to improve their overall performance.
PUGE has been very active in communicating with its shareholders and has issued a shareholder letter to address several concerns. In the letter, PUGE’s Chairman Hermann Burckhardt, explained that “any money that we may consider raising and any acquisitions currently in progress to implement our plans will be done for now through the issuance of Class B Preferred Shares, cash and/or a combination thereof, not by issuing more common stock”. This is welcome news for shareholders, but PUGE is still considering issuing 4 million Class B Preferred shares for $20, million. These Class B Preferred shares are convertible for up to 20 common shares each which means a maximum of 40 million common shares could be added.
Considering the multiple projects PUGE is involved in, its share issuance could be a good fundraising opportunity for the company to complete its acquisition-related activities. With this in mind, bullish shareholders are waiting for more updates from PUGE while the company continues to attract the attention making it one of the many hot penny stocks among investors.
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Currently trading at $0.0094, PUGE has a resistance line at .0106 and is currently testing a resistance point at .0094. The primary support line is at .0087, and the secondary support formed at .0050. With its recent spike in value, the stock’s accumulation followed suit. But its MACD recently had a bearish crossover and is still trending down. The RSI has mirrored the stock’s recent volume, becoming significantly overbought before correcting to 54.33.
Should You Buy?
There are numerous short and long-term reasons for investing in PUGE. After its recent runup, many bullish investors are racing to buy the dip, in anticipation of the stock breaking resistance and heading to multi-pennies soon. The company’s arsenal of pending acquisitions could signify a notable increase in revenue for PUGE. Considering, the healthcare industry’s growing demand – especially in the aftermath of Covid-19 – investing in one of the healthcare sector’s hot penny stocks could be a worthwhile long-term investment. In the short-term, PUGE may have new announcements soon and as it proceeds with its acquisitions the stock could break resistance and approach $0.0120 in the run up.
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