One of the stocks to have made significant gains this week was that of Data Storage Corp (OTCMKTS:DTST). The Data Storage Corporation stock climbed by as much as 184% and in addition to that, the trading volume went up significantly as well.
In other words, there was heavy action in the stock Monday. However, since then DTST has retracted and now stands at $0.324.
However, it is also necessary to point out that there was no news with regards to the company’s business that could have triggered such a strong rally. In this situation, it’s worthwhile for savvy investors to take a look at some of the recent developments in relation to the company.
One of the major developments that took place back in November 2020 was the appointment of Steve Romweber to the post of Director of Channels at DSC.
The appointment is a significant one for the tech company. Romweber had been responsible for building the channel partners collaborations for DSC and hence, he already has the requisite experience to head that vertical.
It is also necessary to note that he had previously worked at Syncsort as the Director of Channels. He joined DSC in 2020 and in the six months prior to his appointment, Romweber had helped in boosting active partners count at DSC.
That being said, it is still important for investors to keep in mind that the rally in the stock came about without any update from the company or any news regarding its business.
Hence, it might be a good idea to keep an eye on the DSC stock over the coming days. The strength of the rally in the stock is likely to attract new investors over the coming days. On top of that, it is also imperative to see if the rally actually holds or if there is a correction in the stock. At this point, investors could consider keeping the DSC stock on their watch lists.
Disclaimer: We hold no shares of DTST stock.