The appointment of a key new executive can often have a profound effect on the stock price of a company and that is what happened with the MDM Permian Inc (OTCMKTS:MDMP) stock this past Friday. Last Friday, MDM Permian announced that it had appointed a new vice president of Finance in the form of Michael Cohen.
Trading Data
On Friday, MDMP stock fell 3.63% to $0.1831 with more than 1.44 million shares, compared to its average volume of 1.83 million shares. The stock moved within a range of $0.1550 – 0.1939 after opening trade at $0.1939.
MDM Permian Inc. (MDMP) Announces the Appointment of VP of Finance
While the appointment was a significant one, it ought to be noted that the announcement did not elicit a positive response from investors. The MDM Permian stock suffered from a selloff and went down by as much as 4% as a consequence.
However, it may be a good idea for investors to take a closer look at the development and then make their minds up accordingly. In the past few years, Cohen had worked as a consultant for MDM Permian and hence, he is intimately acquainted with how the company works.
In addition to that, his experience with the regulatory aspects of the business is going to be helpful for the company to navigate the issues in relation to FINRA and the United States Securities and Exchange Commission. It remains to be seen if the stock can have a rebound at any point this week.
Key Quote
Mr. Cohen stated: “I am excited to accept this position and work with the MDM Permian team. With this group staking it’s claim in the prolific Permian Basin, I am extremely confident in it’s ability to replicate their past successes and continue to bring value to our shareholders!”
Technical Data
MDMP stock is trading above the 20-Day and 50-Day Moving averages of $0.14 and $0.08 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.08.
