The past few trading days have been quite difficult for investors in the Exela Technologies (NASDAQ:XELA) stock and it continued last Friday as the stock declined by as much as 10%. That took the decline suffered by the stock over the course of the whole week to as much as 20%.
Trading Data
On Friday, XELA stock fell 10.73% to $0.4062 with more than 50.52 million shares, compared to its average Friday of 45.25 million shares. The stock moved within a range of $0.4000 – 0.4320 after opening trading at $0.4303.
Major Trigger
In this regard, it is perhaps necessary to point out that there was no news about the company last week. The last time that Exela was in the news was back on March 11, 2021. On the day the company announced its preliminary results for the fourth fiscal quarter of 2021.
The company announced at the time that it had managed to bring in losses to the tune of 34 cents a share for the quarter and that proved to be a negative trigger for the stock. The announcement led to considerable pessimism among investors since Wall Street analysts had estimated that the losses were going to be no more than 9 cents a share.
That was a big miss and hence, the latest selloff in the stock was perhaps triggered by that. It may now be a good idea for investors to consider keeping track of the Exela stock this week.
Technical Data
XELA stock is trading below the 20-Day and 50-Day Moving averages of $0.55 and $0.63 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.58.
