Food and nutrition firm Else Nutrition Holdings Inc (OTCMKTS:BABYF), which is based out of Israel, has had a difficult time in the markets in recent days and the situation remained the same yesterday, as the stock ended the day with a decline of 5%. The decline on Thursday took the decline over the course of the past week to as much as 15%. Can the stock make a recovery soon or is the slide going to continue? This is what investors need to figure out if they are interested in the stock.
On Thursday, BABYF stock fell 5.42% to $0.4774 with more than 241K shares, compared to its average volume of 180K shares. The stock moved within a range of $0.4600 – 0.5300 after opening trade at $0.5175.
About Else Nutrition
The company is involved in the development of plant-based food and nutrition products that are meant for infants, children, adults, and toddlers.
Else Nutrition has managed to come up with a plan-based but the non-soy formula that is considered a cleaner alternative when compared to dairy formulas. The company has won numerous awards and its products have won awards as well.
However, in light of the latest downturn in the stock investors need to also take a look at recent developments and then make their minds up about the Else Nutrition stock.
Else Announces Voting Results from Annual General Meeting of Shareholders
The company was in the news yesterday after it announced that all the proposals that had been put forward to the shareholders had been passed at the annual general meeting of the shareholders. The meeting had been held yesterday.
The shareholders nominated the step to setting the number of directors at Else Nutrition to 7 and in addition to that, all the nominees for director roles that had been put forward by the company were also re-elected.
On the other hand, Kost Forer Gabbay & Kasierer, was also reappointed as the auditor of Else Nutrition. Kost Forer Gabbay & Kasiereris are actually a member of Ernst & Young. At the meeting, as much as 40.19% of the issued and outstanding shareholders had been represented. The day before yesterday the company had also come under the scan after it announced that it had been successful in closing the marketed public offering of units and raised as much as $7.35 million.
BABYF stock is trading below the 20-Day and 50-Day Moving averages of $0.76 and $0.94 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.14.