The new week did not bring about any change in the trend that had been seen in the Priority Aviation Inc (OTCMKTS:PJET) stock last week. Despite the announcement of a significant piece of news from the company the stock continued in its downward spiral and went down by 12%.
Trading Data
On Monday, PJET stock decreased 12.26% at $0.0093 with more than 34.79 million shares, compared to its average volume of 33.99 million shares. The stock has moved within a range of $0.0085 – 0.0106 after opening the trade at $0.0104.
Brick and Mortar Student Housing Project To Complement App
That took its losses for the past week to as much as 27%. In this situation, it might be a good idea to take a closer look at the announcement from the company. Priority Aviation announced yesterday that it had reached an agreement with regards to the terms about funding and constructing a student residential building located in Texas.
The residential building in question is going to be built for a private university located in the state. It has also been revealed that the university has an enrolment of around 1200 students at this point in time. It was a significant announcement from the company considering the fact that Priority Aviation has recently had a change in its business strategy and decided to become an operator in the student housing market.
It seems that investors were not particularly thrilled with the announcement yesterday but it remains to be seen if the stock can recover soon.
Technical Data
PJET stock is trading below the 20-Day and 50-Day Moving averages of $0.0158 and $0.0149 respectively. However, the stock is trading above 200-Day moving average of $0.0074. The stock is up 70% in the past 3-month.
