Nitches Inc (OTCMKTS:NICH) is an innovative company which is not only involved in technology but also in the manufacturing and design of premium merchandise. The Nitches stock has been in a bit of a free fall in recent times and the trend remained the same on Wednesday as the stock went down by another 5%.
On Wednesday, NICH stock fell 5.50% to $0.3128 with more than 167k shares, compared to its average volume of 302K shares. The stock moved within a range of $0.2830 – 0.4290 after opening trade at $0.4290.
The decline on Wednesday took the cumulative decline over the course of the past week to as much as 30%. At this point, it is perhaps important for investors to figure out if the trend in the stock is going to be reversed any time soon or if it is going to continue declining.
As a matter of fact, the company was in the news yesterday after it announced that John Lewis, a celebrity influencer, has been roped in as the headline speaker at the South by Southwest Film Festival for 2022. At the event, Lewis is going to represent his new brand that has been powered by PeaconMarz, a product from Nitches. The announcement may have been a significant one but it did not reverse the sentiments of investors who continued to head for the exits on Wednesday.
NICH stock is trading above the 50-Day and 200-Day Moving averages of $0.22 and $0.18 respectively. However, the stock is below the 20-Day moving average of $0.38.