In the past month, the situation with the Exela Technologies Inc (NASDAQ:XELA) stock has been quite horrid and the situation remained the same yesterday as the stock tanked by as much as 25%.
Trading Data
On Monday, XELA stock fell 1.32% to $0.5018 with more than 20.74 million shares, compared to its average volume of 21.40 million shares. The stock has moved within a range of $0.5000 – 0.5360 after opening trade at $0.52.
Exela Expands Relationship with a Large Technology Services Provider for Medicaid Programs
However, in this context, it is perhaps also necessary to point out that the decline on Tuesday took the losses for the past month to as much as 52%. That being said, in light of the announcement from Exela yesterday, it may be a good move for investors to figure out if it might be time to consider the Exela stock when it is down.
The company announced yesterday that it had managed to further expand its relationship with a big technology services solutions company. The client in question provides its tech solutions to a large number of Medicaid programs that have been made available across the United States.
Following the expansion of the relationship, Exela is going to earn an additional $2.5 million initially. It is a major development for the company and it is going to be interesting to see if it leads to any interest in Exela stock over the course of the coming days or not.
Key Quote
“We are proud of our long tenured partnership and this expansion is aligned to the ultimate goal of building stronger, healthier communities across the country,” said Suresh Yannamani, President of Exela. Adding “adoption of our PCH Global platform continues to address the healthcare industry’s goal to deliver the most efficient, cost effective and best healthcare to members.”
Technical Data
XELA stock is trading below the 20-Day and 50-Day Moving averages of $0.78 and $1.13 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.85.
