When a stock continues to surge, then it is perhaps time for investors to start tracking it closely as well and the stock to watch out for this morning could well be that of UA Multimedia (OTCMKTS:UAMM). The stock continued to be in the middle of a major surge yesterday as it ended the day with gains of 23% amidst heavy action.
Trading Data
On Thursday, UAMM stock soared 22.91% to $0.0397 with 24.70 million share, compared to its average volume of 3.48 million shares. The stock has moved within a range of $0.0290 – 0.0440 after opening trade at $0.0310.
UA Multimedia to Acquire Virtual Land and Start Development of Play-to-Earn Game on Sandbox Metaverse
In this context, it is also necessary to keep in mind that Wednesday’s rally took the gains over the past week to as much as 47%. The surge in the stock actually started after UA Multimedia unveiled its plans for a metaverse game in the Sandbox.
Considering the fact that there is massive interest in the Metaverse sector at this point in time due to its potential growth, it was perhaps not a surprise that the news led to a strong rally in the UA Multimedia stock. UA Multimedia is going to buy ‘virtual land’ on the Sandbox, which is based on Ethereum and is then going to work towards the building of its metaverse game.
It was a major announcement from the company and it is going to be interesting to see if the stock can manage to add to its gains today.
Key Quote
“We are excited to ramp up our metaverse initiative beginning with Sandbox,” commented Michael Lajtay, CEO of UA Multimedia. “Sandbox has a uniquely versatile ecosystem from which we can build on and monetize. We now have a number of promising crypto projects in our pipeline which should elevate UA Multimedia onto another level and allowing us to pursue acquisitions and more significant projects.”
Technical Data
UAMM stock is trading above the 20-Day and 50-Day Moving averages of $0.0338 and $0.0316 respectively. Moreover, the stock is trading above the 50-Day moving average of $0.0304.
