Umbra Applied Technologies Group (OTCPINK: UATG) closed Thursday at $0.0315, up 4.30 percent, with a day range of $0.0330 to $0.0304. UATG stock soared 26.00% in the past month, with a monthly average volume of over 5.88M shares. In the last three months, UATG stock has gained over 12.50% with an average volume of 7.13M. UATG stock has had an excellent year with a gain of over 2672.7%, reaching a high of $0.0488 with a $30.60M market cap. UATG stock rose despite no recent news, thus allowing us to look at recent developments for a more comprehensive analysis.
Have things been going well at UATG lately?
Umbra Applied Technologies is based in Tampa, Florida and offers advanced technology across a variety of disciplines. With interests in both public and private companies as well as company branches with synergistic business models, UATG is a holding company with interests in both public and private companies.
According to recent news, the UAT Group recently purchased another 6% of Next Casting Technologies, an Austin, Texas-based medical company.
- In addition to its expanding portfolio of intellectual property, Next Casting Technologies (NCT) focuses on innovation and design with a unique approach to biomedical technology.
- With a team of experienced engineers, designers, certification experts, and business professionals, NCT offers innovative design, new technology, and disruptive ideas that have the potential to disrupt and transform the casting, bracing, and splinting industry.
- SmartCast technology has now reached the point where it can be commercially produced.
- In 60 days from now, NCT expects to deliver production molds to its manufacturing location.
- As of November this year, the first unit will be delivered to customers across the United States.
- Production is scheduled to begin in Q3 of this year.
- The global market for orthopedic casting, splinting, braces and support was worth $4.6 billion in 2015 and will grow by 6.4% annually by 2024.
- Upon launch, NCT projects revenues to surpass $16.1 million for the first year, and more than $80 million after five years.
- A number of patents relating to next-generation cast technology are currently being researched and developed by NCT ahead of its Q3 launch.
How does it benefit UATG?
As its equity position increases to 26%, UATG’s value position and ROI will be further enhanced. UATG’s acquisition-based growth strategy and business model is consistent with the strategy of expanding on partnerships.
More from UATG:
As part of the latest announcement, Umbra Applied Technologies (UATG) has announced the delivery of its handheld Covid-19 virus test unit called Novi, which will allow it to test for variants. With loop-mediated isothermal amplification (LAMP), a technology developed in collaboration with Bacter Scientific, the hand-held, portable Novi testing unit delivers fast, accurate results in minutes.