There was a strong recovery in the Armstrong Flooring Inc (NYSE:AFI) stock on Thursday as it ended the day with gains of as much as 21%. However, at the same time, it ought to be noted that despite the strong move, the stock is still down by 75% over the course of the past month.
On Thursday, AFI stock moved down 18.41% to $0.40 with more than 19.05 million shares traded, compared to its average volume of 3.20 million shares. The stock moved within a range of $0.3112 – 0.4188 after opening trading at $0.40.
In light of the price action in the stock it could be a good idea for investors to take a look at the latest developments with regards to Armstrong Recovery. The company had come into the news cycle earlier on this week on Monday when it announced that it had decided to file for bankruptcy protection.
The company announced at the time that it had decided to do so since it was unable to bump up prices adequately so as to manage the fast rising transportation and supply costs.
The decision to file was also brought about by the fact that Armstrong Recovery had been in talks with potential buyers for many months but had failed to find one. However, it should be noted that the company currently has assets worth as much as $517 million and it owed its creditors a sum of $317.8 million.
AFI stock is trading below the 20-Day and 50-Day Moving averages of $0.87 and $1.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.30.