A small Beverly Hills-based company made a big move after the CEO announced a 5,000,000 share purchase to increase his position in the company. Ramy El-Batrawi, CEO of RideShare Rental Inc. (OTC-PNK:YAYO) made the announcement this morning, stating that his share of the company increased to approximately 26% with the purchase.
Rideshare Rental is a technology-related car rental company. The company owns and maintains a fleet of new cars and provides them on a rental basis to rideshare drivers. The business is spread across the United States of America.
Traders seemed to want to align their position with the CEO as shares traded up to a session high of $1.17/share (+47.1%) following the news. This move is a strong continuation of the recent success the stock has had after finding support numerous times on its uptrending SMAs.