After having gone through a fairly strong rally, the Masterbeat Corporation (OTCMKTS:MSTO) stock corrected sharply and went down by as much as 25%. While the decline in the stock price was considerable it is also necessary to keep in mind that in the past week the stock is still up by as much as 10%.
On Monday, MSTO stock slumped 25% to $0.0027 with more than 96.80 million shares, compared to its average volume of 14.48 million shares. The stock moved within a range of $0.0025 – 0.0039 after opening trading at $0.0037.
MasterBeat Corporation to Incorporate NFTs and Metaverse into Real Estate and Automotive Operations
The company is mainly involved in making tangible acquisitions across a range of asset classes like real estate and vintage vehicles. Yesterday, the stock came into focus among investors after Masterbeat announced that it had decided to make an entry into the Metaverse and NFT (non-fungible token) spaces.
The move is part of the company’s strategy to expand and further diversify its digital offerings. The Metaverse is the upcoming big thing in the world of the internet and NFTs have already managed to become one of the more popular niches in the world of digital assets.
Hence, the announcement from Metaverse was a significant one by any measure. However, it seems that the announcement did not particularly go down well with investors and that led to a pretty strong selloff in the stock. It remains to be seen if the stock can actually make a recovery today.
MSTO stock is trading above the 20-Day and 50-Day Moving averages of $0.0027 and $0.0026 respectively. However, the stock is trading below the 200-Day moving average of $0.0033.