Over the course of the past week, the Pershing Resources Company Inc (OTCMKTS:PSGR) stock has suffered from a strong selloff and declined by as much as 17%. In light of such a decline, it is perhaps a good idea for investors to figure out if the stock is to be avoided or it might be an opportunity to get into it.
Trading Data
On Monday, PSGR stock ended flat at $0.0216 with more than 1k shares, compared to its average volume of 26K shares. The stock has moved within a range of $0.0216 – 0.0216 after opening trade at $0.0216.
Pershing Resources Appoints Harvey McKenzie to Board of Directors
As it happens, the company was actually in the news on Monday after it announced that Harvey McKenzie will be joining the board of directors at Pershing Resource from January 1 next year. The appointment of a new board member is almost always significant news but that did not do much to arrest the slide in the Pershing stock.
In this regard, it is also necessary to keep in mind that McKenzie had been a part of the advisory board at Pershing prior to this appointment. On the other hand, investors also need to keep in mind that he is also going to be a part of the Audit Committee at the company. McKenzie is a qualified CFA-CA and investors are expected to keep an eye on how the stock performs in the coming days.
Key Quote
Pershing Resources’ CEO Steve Plumb stated, “We would like to thank Steve Savran for his many years of service to the Company as a board member and a significant investor and we wish him well. We now welcome Harvey McKenzie to our Board. Harvey’s contributions while on our Advisory Board have been very helpful to our progress. We look forward to working closely with him as we advance the Company through the next phase of our corporate development plan.”
