In the past week, investors in the company Barrel Energy Inc (OTCMKTS:BRLL) have gone through a fairly tough time as the company’s stock has suffered from a steady selloff and collapsed by as much as 25%. Before delving into the recent events which may have had an effect on the crash in the Barrel Energy stock, it could be a good idea for investors to get a better idea about the nature of the company.
On Thursday, BRLL stock moved up 1.54% to $0.0395 with more than 816K shares, compared to its average volume of 565K shares. The stock moved within a range of $0.0331 – 0.0420 after opening trading at $0.0410.
About The Company
Despite the name of the company, Barrel Energy is actually involved in the production and cultivation of hemp in the United States. At this point in time, the company boasts of holding a parcel of land spanning 602 acres in Central California, which is used for the cultivation of hemp.
The hemp, in turn, is meant for CBD extraction and also for using the same fiber in clothing as well as other items. However, at the same time, investors also need to know that Barrel Energy is also engaged in manufacturing supporting products that are meant for electric vehicles.
Barrel Energy Inc. Obtains Pink Current Status
The company had actually been established back in 2014 and is based out of Las Vegas in Nevada. Despite the current situation with the Barrel Energy stock it ought to be noted that there was a fairly positive development on Thursday after it emerged that the company’s stock had been updated from Pink Limited to Pink Current status at the OTC Markets. That was a significant new development for Barrel Energy and it is going to be interesting to see if the stock can actually manage to make a recovery today and end the week on a stronger footing or not.
In a tweet sent out by the company previously, it had been noted that the management of the company had initiated the process for completing form 15C-211 for the purpose of soliciting quotations.
In addition to that, it was also meant for the removal of the CTO in Canada. At this point in time, it may be a good idea for investors to keep an eye on the stock and watch out for the price action.
BRLL stock is trading above the 20-Day and 50-Day Moving averages of $0.0366 and $0.0194 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0172.