It has been a pretty volatile period in the markets over the course of the past days and the situation was fairly similar yesterday as many stocks recorded steep declines. One such stock was that of AB International Group (OTCMKTS:ABQQ), which suffered from a heavy selloff on Thursday and ended the day with a decline of as much as 29%.
Considering the sheer magnitude of the decline recorded by the stock, it may well be a good time for investors to take a closer look at AB International Group and perhaps figure out if the stock is going to keep declining or if there is any possibility of a quick recovery. In order to figure that out, it is first and foremost necessary to get an idea about the nature of the company. AB International Group is involved in film investment, licensing and intellectual property.
Trading Data
On Thursday, ABQQ stock moved down 29% to $0.0064 with more than 21.31 million shares, compared to its average volume of 5.86 million shares. The stock moved within a range of $0.0060 – 0.0097 after opening trade at $0.0083.
AB International Announces June Updates
Yesterday the company had come into the news cycle after it made an announcement with some of the key updates from the month of June. The update started with information with regards to the movie ‘Confusion’.
The company announced that the film was sold and the NFT recorded strong sales on the NFT MMM platform that the company created. In addition to that, it was also announced that as many as 23000 users had installed the NFT MMM app. On the other hand, it was also announced that it was going to continue with the partnership with the service provider by way of which it would continue to roll out movie NFTs on its NFT MMM app.
On the other hand, AB International Group also provided an update with regards to its first movie theater The Mt Kisco Theatre, which is located in New York. The company noted that it had been in the middle of fruitful communications with the person who is going to be hired as the theatre manager. It went on to add that the grand opening of the theatre would take place at some point in the next six to eight weeks.
In this regard, it is important to point out that the company has actually formed a subsidiary unit named AB Cinemas NY, which is going to be the vehicle through which AB International Group is going to fulfill its theatre acquisition strategy. It was also noted that the company was actually involved in discussion for the acquisition of as many as 4 locations with a combined 30 screens.
Key Quote
AB’s first cinema “The Mt. Kisco Theatre” located at 144 Main Street, Mount Kisco, New York. Very good communications with potential theatre manager who the company would hire, working for the cinema ready to grand reopening in upcoming 6-8 weeks.
AB INTL GROUP Announces Intend to Abandon the Reverse Split
In addition to that, earlier on in the week on July 12, the company had come into focus once again after it made an announcement with regards to the fact that it had decided against going ahead with its reverse stock split. The announcement may have come as a positive for the investors considering the fact that a reverse stock split is often regarded as an undesirable step by many investors. At this point it may be a good idea to keep the AB International Group stock in your watch lists.
Technical Data
ABQQ stock is trading below the 20-Day and 50-Day Moving averages of $0.0076 and $0.0081 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0182. The company has a total market capitalization of $2.10 million. The stock is down 36% over the past 3-month.
