Energy technology company Romeo Power Inc (NYSE:RMO) was not in the news yesterday but the company’s stock suffered from a selloff nonetheless and went down by as much as 9%.
Trading Data
On Tuesday, RMO stock fell 8.78% to $0.8120 with more than 3.98million shares, compared to its average volume of 6.77 million shares. The stock moved within a range of $0.8001 – 0.8970 after opening trade at $0.89.
Romeo Power Appoints New Senior Vice President of Product Engineering
In this sort of situation, it could be a good idea for investors to take a look at the last notable news about the company and then try to figure out if a recovery might be on the horizon. It was last week on May 16 that the company was in the news for the last time. At the time, Romeo Power announced that it had appointed a new senior vice president of product engineering in the form of Leon Kaunitz.
It goes without saying that it was a major new appointment from the company and one that could have a considerable impact on its future as an energy technology company. Kaunitz is going to be in charge of the initiatives from the company which are going to be focused on completely integrating highly sophisticated electrification products with commercial vehicles as well as other applications.
However, it is unlikely that the appointment had anything to do with the latest selloff in the stock.
Key Quote
“We are thrilled that Leon has joined our team as the new senior vice president of product engineering,” said Romeo Power’s Chief Technology Officer AK Srouji, Ph.D. “He has been instrumental in leading new product design, engineering, and manufacturing of numerous EV products from concept to completion, including successful production implementation and customer satisfaction. He brings an added breadth and depth of experience to Romeo Power, and he will be an asset to our entire organization, helping us achieve our commitment to move people and cargo emission-free.”
Technical Data
RMO stock is trading below the 20-Day and 50-Day Moving averages of $1.01 and $1.25 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.20.
