Offshore energy equipment and services specialist Deep Down Inc (OTCMKTS:DPDW) has seen its stock go through a difficult phase in the past week. During the course of the period, the stock suffered from a steady selloff and ended up with a decline of as much as 12%.
Trading Data
On Monday, DPDW stock ended flat at $0.60 with more than 800 shares, compared to its average volume of 11.2k shares. The stock has moved within a range of $0.6000 – 0.6100 after opening trade at $0.61.
Deep Down Announces Plans to Move to New Headquarters in Houston, Texas
In this situation, it may be a good time to figure out if the decline in the stock could be an opportunity to get the stock at a discount. Yesterday, Deep Down had come into focus among investors after it announced that its plans with regards to the relocation of its corporate headquarters to Houston in Texas.
The company noted yesterday that it was making the move in order advance its operations and also for bringing about growth. Charles Njuguna, who is the Chief Executive Officer and President of Deep Down, spoke about the matter as well.
He stated that the move will help the company in reducing its carbon foot print and will help in streamlining the cost structure as well. In addition to that, he noted that the move to Houston is also expected to help Deep Down in attracting talented professionals. It may be a good idea to keep the Deep Down stock in your watch lists at this point.
Key Quote
“Moving to this facility will enable us to reduce our carbon footprint, further streamline our cost structure and attract high caliber talent as we reposition the company for future growth,” said Deep Down President and CEO Charles Njuguna. “Being located close to the George Bush Intercontinental Airport in Houston will also make it easier for our national and international customers to stop by our facility as they travel into and out of Houston.”
Technical Data
DPDW stock is trading below the 20-Day and 40-Day Moving averages of $0.66 and $0.69 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.68. The stock is up 14% in the past month.
