Vortex Brands Co (OTCMKTS:VTXB), which is involved in Bitcoin mining operations, has had a tough time in the markets in recent days and over the course of the past week, it has declined by as much as 15%. Considering the magnitude of the decline, many investors might be thinking if it might be the time to get into the stock at this price point or not.
Trading Data
On Wednesday, VTXB stock fell 2.35% to $0.0166 with more than 271k shares, compared to its average volume of 2.53 million shares. The stock moved within a range of $0.0130 – 0.0183 after opening trade at $0.0165.
Vortex Brands Continues to Expand with Purchase Of Additional S19j
In this context, it may be a good idea to consider looking into the announcement from the company on Wednesday. Vortex announced that it had completed the acquisition of as many as 5 more S19j PRO (100th) units for strengthening its Bitcoin mining operations.
It further expanded the current order to S19k PRO order that had been placed by Vortex to 19. It was also announced yesterday that the company expected the new units to go online at some point later on in the month. It goes without saying that it was a significant announcement from the company but there was not much of a reaction from investors. It is going to be interesting to see if the stock can actually manage to make a recovery in the coming days.
Technical Data
VTXB stock is trading above the 50-Day and 100-Day Moving averages of $0.0131 and $0.0141 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0119.
