Personalised healthcare services and technology providing company Progressive Care Inc (OTCMKTS:RXMD) saw its stock take a bit of a beating on Wednesday as it ended the day with a decline of 4%. While the selloff in the stock price may alarm some investors, it ought to be noted that the company actually made a fairly positive announcement yesterday.
Trading Data
On Wednesday, RXMD stock moved down 3.96% to $0.0485 with more than 476K shares, compared to its average volume of 2.12 million shares. The stock moved within a range of $0.0470 – 0.0501 after opening trade at $0.0501.
Progressive Care Expands Its Corporate Services with Enhanced COVID-19 Platform Capabilities
Progressive Care announced yesterday that it was making a move into the potentially lucrative corporate focussed services space. In this particular segment, the company is going to offer higher technological prowess to the corporate clients so that they can manage their vaccination and COVID-19 testing protocols efficiently.
To this end, the company has come up with the PharmcoRx.com platform that can help business managers or their assistants to manage the COVID-19 testing of a large number of people without any hiccups. It goes without saying that the development could be a significant one for the company in the long term, however, investors did not quite seem particularly enthused with this move from Progressive Care. It might be a good idea to keep the stock in your watch lists and watch out for the price action.
Key Quote
Alan Jay Weisberg, CEO and Chairman of the Board, added, “Despite adverse labor conditions and ongoing challenges brought by COVID-19 variants, our team of dedicated professionals was able to successfully deliver on our mission to protect workplaces through the continued development of our digital platform capabilities to stay at the vanguard of healthcare technology.”
Technical Data
RXMD stock is above the 20-Day and 50-Day Moving averages of $0.0432 and $0.0339 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0445. The stock is up 62% in the past month.
