The rout in the Priority Aviation Inc (OTCMKTS:PJET) stock continued unabated on Thursday as investors kept rushing for the exits. The stock ended the day with a decline of as much as 11% as a consequence.
Trading Data
On Thursday, PJET stock fell 11.25% to $0.0071 with more than 24.18 million shares, compared to its average volume of 31.81 million shares. The stock has moved within a range of $0.0062 – 0.0085 after opening trade at $0.0082.
PJET University Campus Electric Vehicle Pilot Could See Rapid Expansion
It should be noted that the selloff that took place yesterday stretched the losses made by the Priority Aviation stock over the past week to 21%. In this regard, it is also important to point out that the company also made a key announcement yesterday and it may be a good time to take a look into it. The company announced yesterday that it was going to add an electric vehicle pilot to the ongoing student housing pilot that it had been conduction.
In addition to that, it also emerged that Priority Aviation had also got a number of enquiries with regards to the possibility of setting up similar pilot programs in other university campuses.
It was noted that the company’s management was in the process of evaluating the pros and cost of possibly expanding the aforementioned pilot programme. While the announcement was an important one, it did not come as a source of optimism for investors and it remains to be seen if the Priority Aviation stock can rebound any time soon.
Technical Data
PJET stock is trading below the 20-Day and 50-Day Moving averages of $0.0106 and $0.0148 respectively. Moreover, the stock is below above 200-Day moving average of $0.0079. The stock is down 72% in the past month.
