Leading business process automation company Exela Technologies (NASDAQ:XELA) has seen its stock take a beating over the course of the past month as it declined by as much as 24% during the period.
Trading Data
On Tuesday, XELA stock fell 2.50% to $0.3750 with 25.02 million shares, compared to its average volume of 49.50 million shares. The stock moved within a range of $0.3678 – 0.3900 after opening trade at $0.39.
Exela Technologies Adds Mobile to Suite of Payment Solutions with Global Bank
Considering the magnitude of the decline, it may now be a good move for investors to figure out if the decline is going to continue or if there is going to be a recovery any time soon. The company announced yesterday that it had been successful in further expanding relationship with a top tier bank through the addition of mobile payment processing services.
It was a major new announcement, especially considering the fact that Exela has had a relationship of as long as 30 years with the aforementioned bank. Up until the expansion of the relationship, the customer had been using the services of Exela for the purposes of mortgage processing, payments and fraud detection.
The new contract is going to be part of the biggest reporting segment of Exela named ITPS. While the stock has performed poorly in the past month it is going to be interesting to see if the latest development leads to any kind of rebound.
Key Quote
“We are thankful to be selected and this also sets the stage for XBP solutions including Request to Pay, Account to Account Transfers and Real Time Payments,” noted Vitalie Robu, President of Exela, EMEA.
Technical Data
XELA stock is below the 20-Day and 50-Day Moving averages of $0.40 and $0.60 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.52.
