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Converted Organics Inc (COIN) Falls More than 15%, Holds Support Line

Converted Organics Inc. is one of the few stocks that have brought enormous returns to shareholders in the current market conditions. In August the stock consolidated around $3.10 only to explode and reach $7.83 on news that the company will supply seven of Gro Group’s major distributers that service as many as 15,000 lawn and garden retailers.

The stock price didn’t hold that level however and quickly returned to the previous consolidation level. Shortly after that bounce, another took form that reached $6.47. As with the last run-up, the stock didn’t hold the higher price level and is now back to trading around $3.10.

For those unfamiliar with the company, Converted Organics is focused on producing all-natural, organic fertilizer products through food waste recycling. Utilizing proven, state-of-the-art technologies, the company creates a product that helps grow healthier food and improve environmental quality. The company has received a lot of buzz from traders as of late and recently announced it will begin selling their products in certain Home Depot stores in spring of 2009.

Below is an annotated chart that shows the recent stock action and where the stock is now in relation to its previous performance. If you have trouble viewing the chart, please visit:

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