It has been a pretty tough time for Stargaze Entertainment Group (OTCMKTS:STGZ) investors over the course of the past week and the situation remained the same on Wednesday as the company’s stock declined by another 6.50 %. As it happens, the selloff in the stock yesterday took the total decline for the past week to as much as 12%.
Trading Data
On Wednesday, STGZ stock fell by 6.42% to $0.2607 with 77k share, compared to its average volume of 171k shares. The stock has moved within a range of $0.2200 – 0.2621 after opening trade at $0.22.
Signs a Letter of Intent to Acquire Hyvetown Music Publishing
Despite the poor performance of the stock, it may now be a good idea for investors to take a look at the key announcement made by the company yesterday. Stargaze Entertainment Group announced on Wednesday that it had inked a letter of intent with regards to the potential acquisition of the company Hyvetown Music.
Hyvetown is an established operator in the music industry and is involved with both administration and publishing. In this context, it is also necessary to point out that after the acquisition, Stargaze Entertainment Group is also going to absorb the highly experienced personnel working for Hyvetown and change the name of the company to Stargaze Music Publishing. It could prove to be a major acquisition for the company and hence, it could be the right time for investors to start tracking the Stargaze Entertainment Group stock.
Technical Data
STGZ stock is trading above the 20-Day and 50-Day Moving averages of $0.20 and $0.15 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.1243. The stock is down 20% in the past month.
