Priority Aviation Inc (OTCMKTS:PJET) Stock Sees Selling Pressure At Higher Level

It was a rough day in the markets for Priority Aviation Inc (OTCMKTS:PJET) investors on Thursday as the stock tanked hard and ended the day with a decline of as much as 32%. As it happens, the company did make a key announcement yesterday and it could be a good idea for investors to take a closer look at it.

Market Action:

On Thursday, PJET stock lost 32.44% at $0.0164 with more than 189.90 million shares, compared to its average volume of 30.64 million shares. The stock has moved within a range of $0.0160 – 0.0260 after opening the trade at $0.0260.

PJET Announces Technology Alternative To $16 Billion In Student Housing Investment

Priority Aviation announced on Thursday that it was working on the development of an application that is going to function as an Airbnb of student housing properties. The company noted that it was looking to launch the application at some point towards to the end of this year.

It goes without saying that it was a significant announcement from the company and it remains to be seen if the market participants eventually come around to having the same outlook as Private Aviation with regards to the project.

At this point, there are as many as 4000 universities in the United States and student housing is something that is often in short supply. Hence, it is a market that could be ripe for disruption. It is now going to be interesting to see if the company’s stock can actually make a recovery today.

Traders Note:

PJET stock is trading above the 50-Day and 200-Day Moving averages of $0.0144 and $0.0070 respectively. However, the stock is trading below 20-Day moving average of $0.0203. The stock is up 1720% so far this year.