Vroom (NASDAQ:VRM), the online vehicle buying and selling platform operator, has seen its stock gain momentum in recent times and maybe it is a good time for investors to take a look at some recent developments. As a matter of fact, the company was in the news earlier on in the week on Tuesday when it named a new Chief Executive Officer in the form of Thomas Shortt.
Trading Data
On Wednesday, VRM stock decreased 6.30% to $1.34 with more than 60.23 million shares, compared to its average volume of 16.31 million shares. The stock moved within a range of $1.2700 – 1.5800 after opening trade at $1.38.
Key Details
The appointment of a new CEO is part of the company’s overarching plan for realigning its business. The plan for realignment is aimed at profitable growth over the long term and is going to be focussed on reducing costs as well as bring about more efficiency in operations.
Hence, it is perhaps not a surprise that the Vroom stock has been gaining momentum and it may be a good move to put it into your watch lists at this point in time. During the conference call with regards to the company’s first quarter financial results on Tuesday, Shortt noted that Vroom was going to focus on reducing the workforce, reduce marketing costs as part of the reorganisation plan and also target unit sales. It remains to be seen how the stock performs in the coming days.
Technical Data
VRM stock is trading below the 20-Day and 50-Day Moving averages of $1.68 and $2.28 respectively. Moreover, the stock is trading below the 200-Day moving average of $14.08.
