Influencer powered social media company Clubhouse Media Group Inc (OTCMKTS:CMGR) may have come into considerable focus among investors this year but it has performed poorly in the past week. During the course of the period, the stock went down by as much as 20%.
Trading Data
On Tuesday, CMGR stock gained 0.26% to $0.19 with more than 127k shares, compared to its average volume of 178K shares. The stock has moved within a range of $0.1800 – 0.1949 after opening trade at $0.18.
Clubhouse Media Group, Inc. Extends Agency Services To Represent HoneyDrip.com Creators To Brands
However, in this situation, it could be a good idea for investors to consider the announcement made by the company yesterday and perhaps figure out if the fall in the stock could be an opportunity. The company announced yesterday that it decided to add the creators from HoneyDrip.com for representation to brands and sponsors it works with.
It was a major announcement from the company and one that could eventually lead to more revenues. Hence, it now remains to be seen if there is reversal in fortunes for the Clubhouse stock over the course of the coming days. Clubhouse Media Group is responsible for having created the HoneyDrop.com platform not too long ago for the sole purpose of providing empowerment to creators. Creators can also interact with fans through the platform.
The latest announcement could be a step in the right direction for the influencer marketing firm and it may be a good idea to keep an eye on the stock.
Key Quote
“As the HoneyDrip.com site gets bigger and more creators are joining, we have started getting requests from brands to hire our female creators to promote their products and services on social media,” said Kayla Bailey, General Manager of HoneyDrip.com. “Its another means of making income for many of our creators. CMGR has been providing these services to large mainstream social media creators for a year and a half now, so this was a natural progression of our HoneyDrip business. Many of the creators have large Instagram accounts, used to promote products to their mostly male following.”
Technical Data
CMGR stock is trading below the 20-Day and 50-Day Moving averages of $0.32 and $0.71 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.11. The stock is down 35% in the past month.
