Sometimes when a stock declines sharply over the course of several days, it may be time for investors to consider a couple of things. One of those out if the stock is is for investors to figure going to continue to decline or not. The other thing is to work out if the stock is going to make a recovery soon enough or not.
At the end of the day, sharp declines may often prove to be opportunities for investors to and hence, it is important to work these things out. Nuvus Gro Corp (OTCMKTS:NUVG) stock has been in the middle of a downward spiral over the course of the past week and situation remained the same on Tuesday as the stock went down by as much as 25% yesterday. That took the cumulative decline over the past week to as much as 46%.
Trading Data
On Tuesday, NUVG stock fell 25% to $0.0600 with more than 175K shares, compared to volume of 329K shares. The stock moved within a range of $0.0600 – 0.0780 after opening trade at $0.0780.
About The Company
In order to figure out the best course of action with regards to the Nuvus Gro Corp stock, it is important for investors to first have a good idea about the company and its operations. It is actually a technology company, as the name suggests and is involved in providing Controlled Environmental Agriculture services to cultivators who are involved in the legal industrial cannabis and hemp in the United States.
The company provides a wide range of tech powered products that can boost the effectiveness of cultivation. The company is based out of Saint Petersburg in Florida. Now that you have a fair idea about Nuvus Gro Corp as a company, it may be a good time for you to take a look at some of the recent developments.
Nuvus Gro Corp (OTC Pink: NUVG) announces That it is in the process of working on its Blue Sky Law Compliance
Yesterday, the company came into focus after it announced that it was currently working on the processes related to its Blue Sky Law Compliance. It could well be a major new development considering the fact that once the whole thing is tied up it is going to be compliant in all the 50 state in the United States.
In addition to that, it is also interesting to note that the company brought about this particular change ahead of its Pro Music Rights Inc acquisition. Pro Music Rights is one of the biggest music licensing companies in the world and could well prove to be a major new boost for the company.
Nuvus Gro Corp (OTC Pink: NUVG) announces Name Change to Music Licensing, Inc.
In this context, it is also important to note that the company had actually been in the news last week as well when it made a major new announcement. It announced on July 29, 2022 that it was going to change its name to Music Licensing Inc. The change in the name had been affected with one eye on the upcoming acquisition of Pro Music Rights Inc.
The new name is going to reflect the new direction of the company and it is something that investors need to keep in mind as well. There has not been any negative news in recent days but investors do not seem to be particularly happy with the stock.
Technical Data
NUVG stock is trading above the 50-Day and 200-Day Moving averages of $0.0429 and $0.0249 respectively. However, the stock is trading below the 20-Day moving average of $0.0911. The company has a total market capitalization of $3.60 million. The stock is up 383% over the past 3 months.
