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Sunday, July 3, 2022

BitNile Holdings, Inc. (NILE) Stock in Decline After an Excellent Wednesday, Here’s Why

BitNile Holdings, Inc. (NILE), a holding company involved in the development of power system solutions through its several subsidiaries, has slid 3.45% in aftermarket trading session. Consequently, the stock was trading at $0.56 when last checked. The decline could be attributed to the profit-taking factor after the stock surged by 9.43% during Wednesday’s regular market to close the day at $0.58. The significant increase in share price came following the announcement of the partnership between the company’s subsidiary and a non-profit organization.

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TurnOnGreen Partnership with One Tree Planted

On Wednesday, NILE announced that TurnOnGreen, Inc., its subsidiary related to green energy technology, has entered into a partnership with One Tree Planted, a non-profit organization aimed at enhancing the reforestation rates. The partnership is meant to aid the restoration of US forests via the plantation of one tree for each one of the Electric Vehicle charging units that would be sold. The partnership is would also aid in raising the donations from industrial partners.

NILE Subsidiary Developed New Division

On the 14th of March, NILE reported that BitNile Inc., its subsidiary, has developed a new division, called BitNile Mining Solutions. The division would enhance the deep industry partnerships of the company. That primarily includes its partnership with Bitmain Technologies Ltd. The mining solutions division would aim to serve as the platform for the sale of crypto miners as well as related equipment. It would also provide additional blockchain-related infrastructural services.

Completion of Safety Testing by TurnOnGreen

A week ago, i.e. 10th of March, NILE announced that TurnOnGreen, Inc. has completed the safety testing procedure for its high-density AC/DC power supply/switcher product line and as a result, has received the safety certification for it. The testing was done via the fully owned subsidiary of NILE, Digital Power Corporation.

What’s in Store for NILE?

Looking ahead, analysts are providing a positive outlook regarding the NILE stock. Several technical indicators are pointing in a positive direction for the stock; hence, it is expected to perform well in the next upcoming period. Therefore, the stock holds the buying opportunity for the investors.

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