At this point Exela Technologies Inc (NASDAQ:XELA) is one of the leaders in the international business process automation space but the situation with the company’s stock has not been particularly great in the past week.
Trading Data
On Friday, XELA stock plunged 12% to $0.3979 with more than 30.53 million shares, compared to its average volume of 21.99 million shares. The stock has moved within a range of $0.3914 – 0.4500 after opening trade at $0.4480.
Exela Technologies Expands Partnership with Global Bank
This past Friday, the stock continued to suffer from a selloff to end the day with a decline of 12%. That took the decline made over the course of the past week to as much as 25%. Despite that, it should be noted that last week, the company actually made a major announcement last Thursday and investors ought to take a look into it.
Exela Technologies announced at the time that the contract that it had in place with a major multinational bank had been expanded further. In addition to the range of services that the bank was being provided by Exela, the expanded contract is going to include services like foreign payment processing.
In this situation, it should be noted that the service is a complex one to provide, since it is subject to a slew of complicated international rules and regulations. At this point in time, it is going to be interesting to see if the stock can actually bounce back any time soon.
Key Quote
“Payment processing, especially foreign payments, requires a level of sophistication with respect to timing of payments and higher levels of security. We appreciate the bank’s confidence in our international payment solution,” noted, Vitalie Robu, President of EMEA.
Technical Data
XELA stock is below the 20-Day and 50-Day Moving averages of $0.69 and $1.06 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.82.
