It was not a great day in the markets for SPYR Inc (OTCMKTS:SPYR) investors as the stock took a bit of a beating and ended the day with a decline of as much as 4%.
Trading Data
On Monday, SPYR stock slid 4.26% to $0.0382 with more than 114K shares, compared to its average volume of 136K shares. The stock moved within a range of $0.0370 – 0.0400 after opening trade at $0.0400.
SPYR Technologies Changes Branding and Logo to be in Line With Its Current and Future Direction
The company is currently best known for the work of its subsidiary unit Applied Magix Inc, which is involved in the development and reselling of products from the Apple ecosystem in the fast growing Internet of Things space. Yesterday, SPYR announced that it had decided to change its logo in order to reflect the current direction of the company.
Tim Matula, who is the Chief Executive Officer of the company, announced that the management felt it was the right time for SPYR to have a ‘visual update’. The logo was also necessary to provide a true reflection of the company’s current activities and also the vision of its management.
The company noted that in collaboration with the subsidiary unit Applied Magix, SPYR Inc was moving into a new future quit rapidly and hence, the change of the logo was perhaps the right move. At this point in time, it may be a good time for investors to keep an eye on the SPYR stock and watch for any upward moves.
Key Quote
“We felt it was the right time and that a visual update was necessary to reflect not just our new direction and new management, but an entirely new SPYR that embraces teamwork and common goals,” said SPYR CEO Tim Matula. “Collaborating with our friends from Applied Magix, we are moving towards a fresh future, and we wanted a fresh, dynamic new logo to reflect that.”
Technical Data
SPYR stock is trading below the 20-Day and 50-Day Moving averages of $0.0461 and $0.0501 respectively. Moreover, the stock is below the 200-Day moving average of $0.0592.
