Last mile solutions provider TraQiQ Inc (OTCMKTS:TRIQ) has been one of the weaker performers over the course of the past month and has suffered from a steady selloff.
Trading Data
On Tuesday, TRIQ stock ended flat at $0.65 with more than 356 shares, compared to its average volume of 5.9k shares. The stock has moved within a range of $0.6500 – 0.6500 after opening trade at $0.4121.
TraQiQ continues to make significant ESG impact by providing employment in Rural India
During the course of that period, the stock has declined by as much as 12% and in this situation, it may be a good idea for investors to figure out if it is a good time to get into the stock. As it happens, the company made a major announcement yesterday with regards to its efforts in rural India through its subsidiary company MIMO.
TraQiQ announced that through MIMO it was helping people in rural India with employment and plugging a significant gap in the market. As per data from the Centre for Monitoring India Economy, rural unemployment has been on the rise for quite some time and has now hit as much as 7.1%.
The President of MIMO spoke about the situation as well and stated that in addition to the official data, there are many unemployed people in rural India who maynot show up in the surveys. While it was a major announcement from the company, it remains to be seen if it can lead to a recovery in the TraQiQ stock.
Key Quote
Data from the Centre for Monitoring Indian Economy (CMIE) shows that rural unemployment is growing and reached 7.91%. “In addition to the published data, there are significant number of people who do not show up in official surveys – many of them do not have a high school education. Employment opportunities for this group, outside of farming, are very limited” said Lathika Regunathan, President of Mimo.
Technical Data
TRIQ stock is trading below the 20-Day and 50-Day Moving averages of $0.6873 and $0.7536 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1.17.
