A stock may sometimes fall sharply in a single day but that does not always mean that it is to be avoided. After all, the sharp fall may even be an opportunity for certain investors if the stock can actually go on a recovery path. Hence, it is necessary to figure out if such recovery might actually take place or not.
On Monday, the property technology company MetroSpaces Inc (OTCMKTS:MSPC) saw its stock suffer from a sharp selloff as it cratered by as much as 50% in a single day. In this situation, it may be a good idea for investors to take a closer look at the nature of the company’s business and then take a look at the fresh developments in order to figure out if the stock may make a recovery or not.
On Monday, MSPC stock fell 50% to $0.0001 with more than 43.16 million shares, compared to a volume of 20.40 million shares. The stock moved within a range of $0.0001 – 0.0002 after opening trade at $0.0002.
About The Company
The company is best known for its work related to the amalgamation of state-of-the-art real estate development with modern-day technology. The company claims that the deployment of its novel technology in the real estate industry has resulted in the development of transformative and valuable business. The company is committed to using technology that is going to help in solving a wide range of problems that plague the real estate development industry.
Some of the technologies that MetroSpaces deploys include blockchain, artificial technology, and a broad array of other advanced technologies. In addition to that, MetroSpaces has also managed to come up with token offerings that are meant to usher in an era of more democratic capital markets. It seeks to expand opportunities to own properties to small investors and at the same time provide access to higher volumes of liquidity to the real estate industry.
Metrospaces CEO Release Shareholder Letter On Year-To-Date Company Performance And Financial Reporting Update
The company came into focus among investors yesterday after its Chief Executive Officer Oscar Brito released a letter as an update to shareholders.
The letter provided a snapshot of the performance of the company in the year until date. He started off the letter by noting that although the past months have been quite tough for the real estate industry and the capital markets, MetroSpaces had managed to complete the acquisition of new properties. In addition to that, the company had also managed to accelerate the growth of its important service MetroHouse and on top of that, taken concrete steps towards providing its audited financials.
It was further indicated in the letter that earlier on in the year the company had been successful in completing the acquisition of as many as six properties in Indianapolis. The assets acquired by MetroSpaces are also going to be listed on its app MetroHouse. On the other hand, it was also noted that several new improvements have also been made to the commercial MetroHouse app.
Some of those improvements had been made following the feedback that had been received by the company from clients who had been involved in Beta testing. Despite the fall in the stock price yesterday, it now remains to be seen if the MetroSpaces stock can make a recovery today.
MSPC stock is trading below the 20-Day and 50-Day Moving averages of $0.0002 and $0.0002 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0003. The company has a total market capitalization of $934K. The stock is up 5% over the past week.