There are many stocks which have performed poorly over the course of the past week and one of the more notable poor performers is the Elvictor Group Inc (OTCMKTS:ELVG) stock. The stock has suffered from a strong selloff over the course of the past week and during that period, it has recorded declines of as much as 36%. In this situation, investors perhaps need to take a closer look at new developments and then figure out if the steep decline is an opportunity or not.
Trading Data
On Tuesday, ELVG stock ended flat at $0.0310 with more than 428k shares, compared to its average volume of 273K shares. The stock has moved within a range of $0.0310 – 0.0310 after opening trade at $0.0398.
Maintains its Position as the Largest Ship Manning Agent in the Country of Georgia
As a matter of fact, the company was in the news yesterday after it announced that it had been named as the biggest ship manning agent in the nation of Georgia by the Maritime Transport Agency of Georgia.
More importantly, it is necessary to remember that Elvictor Group got this recognition for the second year in a row. The company’s crew manning operations in the country have grown at a remarkable pace in recent times. At this point in time, Elvictor supports around 1000 seafarers which are registered with the National Maritime Registry of Georgia. At this point in time, it remains to be seen if the stock experiences any kind of revival this week or not.
Key Quote
Konstantinos Galanakis, Chief Executive Officer of Elvictor, stated, “We feel proud to be, for the second consecutive year, the top employer in Georgia. Special thanks to our people who made this reality; our people in Georgia exceeded all expectations and focused on our business ethics, transparency, quality orientation, and group’s vision. Special thanks to our beloved seafarers that formed the best advertisement for our group, advertised their country and seamanship, each one individually, during covid times, surpassing any obstacles and being top professionals and top seafarers. For the records, our retention in Georgian Nationality exceeds 95%, our rate of promotions surpassed 22%, and we generate the future junior and senior officers through cadetship. Our company’s growth rate in Georgian Recruitment exceeds 20%, and we are happy about all the above achievements.”
Other News
Earlier in November, the company announced that it would foray into the Ship Management sector through its Republic of the Marshall Islands-based wholly-owned subsidiary, Ultra Ship management Inc.
Technical Data
ELVG stock is trading below the 20-Day and 50-Day Moving averages of $0.0433 and $0.0405 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1063. The stock is down 22% in the past month.
