Influencer based social media company Clubhouse Media Group (OTCMKTS:CMGR) is one of the more interesting innovators in the industry but in recent times its stock has performed poorly. Yesterday, the stock was in free fall again as it declined by as much as 12% and took the cumulative decline over the course of the past week to as much as 46%.
On Monday, CMGR stock moved down 12.50% to $0.0210 with more than 1.33 million shares, compared to its average volume of 774k shares. The stock moved within a range of $0.0210 – 0.0275 after opening trade at $0.0260.
Clubhouse Media Group, Inc. Closes Deals With Large Celebrities
Despite the poor performance of the stock, it is perhaps important to point out that yesterday the company announced that it had managed to tie up a range of deals with a number of top rung celebrities. The deals had been brokered by way of the partnership that it has in place with The Reiman Agency.
It goes without saying that the agreements were significant considering the fact that Clubhouse managed to rope in stars like Drake & Josh, Landon McBroom and Wells Adams among others. However, the news did not elicit much excitement from investors and the stock continued to be in the middle of a selloff regardless. At this point in time, it remains to be seen if investors take a long term view of the Clubhouse stock or not.
“CMGR and The Reiman Agency continue to exceed expectations,” said Alden Reiman CEO of The Reiman Agency. “We’re frequently transacting with Fortune 500 brands and top talent – both influencers and celebrities. As evident through the uptick in recent deal flow, we are cementing ourselves as a meaningful player across the endorsement and branding landscape.”
CMGR stock is trading below the 20-Day and 50-Day Moving averages of $0.0531 and $0.1097 Moreover. However, the stock is trading below the 200-Day moving average of $2.16.