There were many stocks which had declined sharply on Friday and one of those was the NuGene International Inc (OTCMKTS:NUGN) stock. The stock suffered from a strong selloff and went down by as much as 10%.
Trading Data
On Friday, NUGN stock decreased 9.73% at $0.0269 with more than 21k shares, compared to its average volume of 431k shares. The stock has moved within a range of $0.0170 – 0.0269 after opening trade at $0.0170.
Key Trigger
While the decline in the stock was notable, it should also be noted that there was no news about the company on Friday. As a matter of fact, there has been no news at all about NuGene for years and hence, many investors might feel that the move in the stock was perhaps speculative in nature. The last time it was in the news was back in August of 2015.
At the time, the skin and hair care products manufacturer had announced its financial results for the second fiscal quarter of 2015. IN that particular quarter, the company managed to bring in sales to the tune of as much as $536,363 and that proved to be a significant improvement on the $211,667 in the second quarter of 2014. It is a piece of information that investors might keep in mind but at the same time, it cannot be denied that it was too long ago to potentially have an impact on the NuGene stock price last Friday.
Technical Data
NUGN stock is trading below the 20-Day and 50-Day Moving averages of $0.0312 and $0.0334 respectively. However, the stock is above 200-Day moving average of $0.0148. The stock is down 28% in the past month.
