Priority Aviation Inc. (OTCMKTS:PJET) fell 8%. The company is on track to unveil its Student housing By Owner App in December, which will bring an untapped property sector to the student housing industry.
Trading Data
On Monday, PJET stock moved down 8.60% at $0.0096 with more than 19.02 million shares, compared to its average volume of 33.50 million shares. The stock has moved within a range of $0.0095 – 0.0109 after opening the trade at $0.0105.
Latest News
The company’s management expects the launch of the App to coincide with the current boom in housing demand, with more students returning to campus after almost a year of remote learning due to the COVID-19 pandemic. Currently, there are no conventionally available housing alternatives to students because of the pandemic.
There is a shortage of student housing currently, with only around 22% of the students staying on campus.Interestingly off-campus alternatives are equally limited, and the number is likely to increase as more students that have been studying remotely return to campus. The company expects its housing app to be received well and serve the struggling student housing market. Following the negative impact the pandemic has had on student housing, the company expects its student housing alternative to experience more searches next year. PJET is worth watching in the coming months.
Technical Data
PJET stock is trading below the 20-Day and 50-Day Moving averages of $0.0134 and $0.015 respectively. However, the stock is trading above the 200-Day moving average of $0.0076. The stock is up 15% in the past 3-month.
