There have been some stocks which have continued to spiral downwards amidst heavy selling pressure and one of those is the Quantum Energy Inc stock. The trend continued on Wednesday as the Quantum Energy (OTCMKTS:QEGY) stock suffered from a further selloff and ended the day with a decline of as much as 3%.
Trading Data
On Wednesday, QEGY stock fell 3.10% to $0.4070 with 102k share, compared to its average volume of 33k shares. The stock has moved within a range of $0.3900 – 0.4095 after opening trade at $0.40.
Announces Share Retirement of 19,382,676 Common Shares
That took the decline suffered by the stock over the course of the past month to as much as 23%. Yesterday, the stock came into focus after the company announced that it had decided to return and retire as many as 19382676 common shares in the company.
It is a significant move from the company considering the fact that it cut down the number of common shares in circulation from 49838629 to 30455943. The reduction in the number of shares is generally seen as a positive move since it makes the shares a rarer commodity. However, it did not lead to any such optimism among investors and the Quantum Energy stock continued to suffer from a selloff. At this point in time, it could be a good move for investors to keep an eye out for news with regards to the company and track the price action in the stock.
Key Quote
Harry Ewert, Chief Executive Officer, stated, “These confidential settlement agreements and common share retirements represent the significant and substantial work of our securities attorneys and the executive management of the Company. Special recognition to our CFO Mr. William Westbrook for all of his hard work on this subject matter over the last 8 months.”
Technical Data
QEGY stock is trading above the 20-Day and 50-Day Moving averages of $0.45 and $0.51 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.59. The stock is up 23% in the past 6-month.
