Media and technology holding company Touchpoint Group Holdings Inc (OTCMKTS:TGHI) has seen its stock run into the middle of a bit of a volatility over the past few days. This past Friday, the stock suffered from a selloff and went down by as much as 7% after an announcement from Touchpoint Group.
Trading Data
On Friday, TGHI stock moved down 7.15% to $0.0130 with more than 1.49 million shares, compared to its average volume of 6.18 million shares. The stock has moved within a range of $0.0125 – 0.0140 after opening trade at $0.0131 .
Announces AIR RACE Subsidiary Signs Term Sheet with Prometheus Fuels
However, at the same time, it ought to be noted that despite the sharp fall, the stock is still up by as much as 16% over the past week. In this situation, one needs to look at the actual announcement and then come to a view about the stock.
Touchpoint Group announced on Friday that is subsidiary company AIR RACE had agreed on terms with the company Prometheus Fuels with regards to the task of supplying championship series zero net carbon aviation fuel. It was also noted that such a deal was a first in the aviation industry as things stand.
While it is true that the announcement did not meet with enthusiasm from investors, it is going to be interesting to see how the Touchpoint Group performs today. It is likely that the stock is going to be in focus among investors today.
Key Quote
Speaking about the new partnership, Willie Cruickshank, AIR RACE Race Series Director, said:
“As a signatory of the Sports for Global Climate Action Declaration, adopting, showcasing and promoting the latest developments in green aviation is a core principle of the AIR RACE and we are excited about the opportunities Prometheus’s zero net carbon AVGAS brings to both air racing as well as the wider global General Aviation community.
Technical Data
TGHI stock is trading above the 20-Day and 50-Day Moving averages of $0.0155 and $0.0198 respectively. However, the stock is trading below the 200-Day moving average of $0.0203. The stock is down 44% in the past month.
