In the past week, the Quantum Energy Inc (OTCMKTS:QEGY) stock has suffered from a significant selloff and gone down by as much as 10% as a consequence. While it is true that the decline has been considerable, it should also be noted that the company was in the news yesterday after it announced that Craig Kitchen had been inducted into its Board of Directors.
Trading Data
On Wednesday, QEGY stock decreased 9.70% to $0.28 with more than 59K shares, compared to its average volume of 31K shares. The stock moved within a range of $0.2750 – 0.2805 after opening trading at $0.2805.
Key Details
Kitchen’s appointment to the company’s board went into effect immediately. The appointment had been made by Quantum Energy only after the board of director of the company had provided its unanimous approval.
In this context, it ought to be point out that Kitchen is a retired professional from the United States Air Force and holds a degree in the field of mechanical engineering, having graduated from the United States Air Force Academy. It is believed that in his capacity as an independent director at Quantum Energy, he is going to bring a fresh perspective.
In addition to that, it is perhaps also necessary to keep in mind that Kitchen also possesses considerable experience in holdings a range of administrative and operations positions in many private and public companies.
Key Quote
Harry Ewert, Chief Executive Officer, stated, “The Company continues to attract and secure world-class talent in our consistent and steady infrastructure buildout in the rare earth mineral and magnet industry. Craig Kitchen’s wealth of experience will serve our Company well during this next growth phase.”
Technical Data
QEGY stock is trading below the 20-Day and 50-Day Moving averages of $0.33 and $0.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.51.
