Wednesday was not a great day for investors in Conservative Broadcast Media & Journalism (OTCMKTS:CBMJ) as the company saw its stock take a dive and end the day with a decline of as much as 27%.
Trading Data
On Wednesday, CBMJ stock gained 1.25% to $0.0163 with 23k shares, compared to its average volume of 271K shares. The stock moved within a range of $0.0160 – 0.0163 after opening trade at $0.0160.
CBMJ Raises $230K for Internal Operations; Super Store Patriot Depot Consolidates Multiple E-Commerce Stores
Although the decline was sharp, it may be a good idea for investors to figure out if it could in fact be an opportunity to get into the stock at this point in time. Yesterday, the company came into sharp focus after it announced that it had managed to raise more capital to the tune of as much as $230,000 in the first quarter of 2022.
The company also announced that the fresh capital had been deployed from making the transition for hosting its range of e-commerce shops in one online store. The all in one online store is www.patriotdepot.com.
While the announcement made by the company on Wednesday was a vital one, it did not lead to a lot of traction among investors and in fact, there was a major selloff. It is now going to be interesting to see if the Conservative Broadcast Media & Journalism stock can actually manage to make a recovery any time soon or not.
Key Quote
“Consolidating the various businesses into one store should lead to additional efficiencies in product distribution and shipping,” stated CEO Ford Jordan.
Technical Data
CBMJ stock is trading below the 20-Day and 50-Day Moving averages of $0.0239 and $0.0297 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0461.
