Although the Vemanti Group Inc (OTCMKTS:VMNT) had made a significant new announcement yesterday, it was not greeted with much fanfare by investors and the stock plunged by as much as 27% for the day. However, it may be a good idea for investors to actually look into the news and then figure out if the stock could make a quick recovery or not.
Trading Data
On Wednesday, VMNT stock lost 27.45% to $0.1649 with more than 336.01K shares, compared to volume of 47.89K shares. The stock moved within a range of $0.1549 – 0.2500 after opening trade at $0.2500.
Vemanti Group and PVcomBank Launch Pilot Digital Lending Program to Drive Growth for SMEs
The company made a joint announcement yesterday with the Vietnam Public Joint-stock Commercial Bank with regards to the launch of a pilot joint digital lending program. The program in question is going to be involved with bring about growth in Small and Medium Sized Enterprises which operated in Vietnam.
It goes without saying that if the program proves to be a success then it could have far reaching positive consequences for Vemanti Group. Initially, the pilot program is going to be involved with providing the companies with an innovative financing option to those companies in Vietnam which are involved in exporting products to the United States.
Those companies are going to be provided with short term financing but at competitive rates. While the stock took a beating yesterday, it remains to be seen if it can bounce back today.
Key Quote
“One of our targets is to provide quick and easy financing for the underserved SMEs that make up the majority of current economic activity and future growth of Vietnam, an attractive up-and-coming market on a global scale. We are thrilled to launch this program to make the opportunity of selling to US-based buyers more accessible for those businesses,” said Tan Tran, CEO of Vemanti. “PVcomBank shares our commitment to championing underserved populations of business owners, knowing they often lack access to the more traditional methods of capital.”
Technical Data
VMNT stock is trading above the 20-Day and 50-Day Moving averages of $0.30 and $0.35 respectively. However, the stock is trading below the 200-Day moving average of $0.57. The company has a total market capitalization of $11.88 million.
