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OLB Group (NASDAQ:OLB) stock is soaring higher following an update from the e-commerce and crypto mining company.
Let’s dive into all that news below as well as highlight other details potential OBL stockholders need to know.
- The company revealed this morning that its “merchant services annual transaction volume run rate has reached $1.35 Billion in transaction volume.”
- It says this is due to it reaching 28.5 million transactions.
- This is the highest run rate in the history of the company.
- It comes after OBL Group acquired several CBD merchant accounts in the prior quarter.
- This has it anticipating an annual revenue run rate of more than $36 million in 2022.
- It also notes that a benefit following its purchase of the CBD merchant accounts includes the addition of 150 accounts per month.
- OLB Group stock is seeing heavy trading today following the news.
- As of this writing, more than 54 million shares of the company’s stock have changed hands.
- That’s a massive increase over the company’s daily average trading volume of about 990,000 shares.
- It’s also worth noting that the company’s market cap is sitting at $27.891 million.
- These factors, as well as its low stock price, have OLB shares firmly in the penny territory.
- That means it’s more susceptible to manipulation, which investors will want to be wary of today.
OLB stock up 21.8% as of Wednesday morning.
Investors seeking out more stock market news for today are in the right place!
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