Yesterday US Energy Initiatives Corp Inc (OTCMKTS:USEI) made a key announcement with regards to its operations but it did not quite move the needle for investors and the stock ended up with a decline of as much as 7%.
Trading Data
On Tuesday, USEI stock decreased 6.25% at $0.0015 with more than 347.86 million shares, compared to its average volume of 57.72 million shares. The stock has moved within a range of $0.0015 – 0.0020 after opening the trade at $0.0019.
Update on Its Potential Projects
The company announced yesterday that its management was still in the process of looking into a total of two business ventures which could unlock substantial value for the shareholders. The Chief Executive Officer of the company Anthony K Miller spoke about the two business ventures that US Energy Initiative is currently working on.
He noted that the digital assets space is changing at a breakneck pace and at this point in time, US Energy Initiative was looking to close two businesses in that sector. Miller went on to add that as of yesterday the value of the digital assets held by the company stood in the $50 million to $60 million range.
That figure is actually a lot higher than the figures that had been revealed by the company under the same metric the last time. Despite the decline in the stock, the update on Tuesday may make it worthwhile for investors to keep tracking the US Energy Initiative stock over the coming days.
Key Quote
According to Anthony K. Miller, CEO, “With the rapidly changing Digital Assets landscape, Management is working on closing opportunities that are before us. Currently, the company’s digitals assets hover between $50- $60 Million dollars (significantly more than we last noted). It is Management’s goal to make the best decisions possible, and we have delayed utilizing these assets because of the rapidly appreciating value they possess. The goal is to pledge or sell a portion of this currency to capitalize on these opportunities. We just don’t want to make a deal just to make folks happy, we want an awesome deal. It is our intent to have great news to report in the next couple weeks, more significant than this update.
Technical Data
USEI stock is trading below the 20-Day and 50-Day Moving averages of $0.0018 and $0.0017 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0023. The stock is down 17% in the past month.
