Investors did not seem to be particularly happy with regards to the business update that was provided by Sysorex (OTCMKTS:SYSX) on Tuesday and the company’s stock soon went through a major selloff to end the day with a decline of as much as 35%.
Trading Data
On Tuesday, SYSX stock slumped 35.38% to $0.0420 with more than 84.44 million shares, compared to its average volume of 24.25 million shares. The stock moved within a range of $0.0370 – 0.0640 after opening trade at $0.0579.
Key Details
In this context, it could be a good move to take a look at the actual update and then make your minds up about the stock one way or another. Sysorex, which is involved in Ethereum mining and related technologies, came up with a business update about the potential of the business.
The Chief Executive Officer of the company Wayne Wasserberg, announced yesterday that some of the major investors in the company like Bigger Capital Fund LLP had issues an open letter to the company’s shareholders. In the letter, it was noted that there was considerable untapped potential in Sysorex.
He went on to note that although the cryptocurrency has been immensely volatile over the course of the past few months, he believed that the Ethereum Blockchain is something to be believed in. In addition to that, he noted that the Government Services business of Sysorex is also expected to be a cornerstone of the company’s growth in the long term.
Key Quote
“At the outset, I would like to thank our valued shareholders, many of whom like Bigger Capital Fund, LP and District 2 Capital Fund LP, which issued an open letter to shareholders earlier this week, recognize the significant “untapped potential” in Sysorex,” stated Wayne Wasserberg, CEO of Sysorex.
Technical Data
SYSX stock is trading below the 20-Day and 200-Day Moving averages of $0.0422 and $0.5895 respectively. However, the stock is trading above the 50-Day moving average of $0.0317.
