Offshore services and energy equipment company Deep Down Inc (OTCMKTS:DPDW) had a weak start to the week yesterday and saw its stock sliding by as much as 9% for the day.
Trading Data
On Monday, DPDW stock fell by 8.93% to $0.53 with more than 61.8k shares, compared to its average volume of 11k shares. The stock has moved within a range of $0.5300 – 0.6000 after opening trade at $0.58.
Deep Down Hires Director of Business Development
In this situation, it might be a good time for investors to perhaps take a look at the announcement made by the company on Monday. Deep Down announced yesterday that it had appointed a new Director of Business Development in the form of Russ McBeth. It should be noted that it is a newly created role in the company.
While it is true that the appointment is an important one for Deep Down and may have a considerable effect on its future as a business, it did not create a lot of optimism among investors. In this context, it may be a good move for investors to take a look at McBeth’s credentials as an executive.
Most recently, he had been employed as the Vice President of Business Development at the pipeline solutions providing company Ion Pro Services. It is clear to see that he is an experienced and seasoned executive in his area of expertise. It may be a good move for investors to keep an eye on the developments in the coming days.
Technical Data
DPDW stock is below the 20-Day and 50-Day Moving averages of $0.63 and $0.63 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.68. The stock is down 25% in the past month.
