Long Island Ice Tea Corp (NASDAQ: LTEA)
On Thursday morning before the market opened, Long Island Ice Tea (NASDAQ:LTEA) announced that they will be shifting their focus to use blockchain technology. This technology is a product of Bitcoin and how it accounts for transactions which will likely be adopted by other companies as well.
The company also announced that they will be changing their name from Long Island Ice Tea Corp to Long Blockchain Corp.
With all the buzz around cryptocurrencies, it’s no surprise this stock is ripping higher following this news. However, I am a bit skeptical prices will be able to maintain this huge run up as most of this move, if not all, is pure speculation.
Long Island Ice Tea Corp Technicals
As you can see in the chart above, LTEA has been extremely volatile in the premarket with highs over $14 compared to yesterday’s close of just $2.44, well over 500% gain. This stock will be on a lot of traders radars so expect a lot of volatility and volume throughout the day and possibly for the rest of the week.
If you are look to trade this stock, make sure you time your entries and place hard stops because this stock will be extremely shifty and volatile.
Company Profile
Long Island Iced Tea Corp. is a holding company which engages in the production and distribution of ready-to-drink iced tea. It produces brewed tea using black tea leaves, purified water, and natural cane sugar or sucralose with flavors such as lemon, peach, raspberry, guava, mango, diet lemon, diet peach, sweet tea, green tea and honey, and half tea and half lemonade. It also offers lower calorie iced tea in twelve ounce bottles. The company was founded on December 23, 2014 and is headquartered in Hicksville, NY.