It was a fairly hard day in the markets on Friday for investors in Universal Media Group (OTCMKTS:UMGP) as the company’s stock went on a downward spiral and ended up with a decline of as much as 20%.
On Friday, UMGP stock lost 20.10% to $0.2699 with more than 35.97K shares, compared to its average volume of 40.83K shares. The stock moved within a range of $0.2250 – 0.3000 after opening trade at $0.2710.
Universal Media Group, Inc. (OTC PINK: UMGP) Announces Partnership Agreement with Threshold Entertainment
In light of such a decline, it could be a good idea for investors to figure out if the slide is going to continue or if there is going to be a rebound this week. The company came into focus back on October 6 after it announced that not too long ago it had finally entered into the first of multiple project collaborations with Threshold Entertainment and Larry Kasanoff.
It was a significant announcement from the company and one that may prove to be a long term boost. The latest project that was launched by the company was a reality TV show that is going to be based out of South Beach in Miami. The show is going to focus on the lives of social media influencers of the GenZ generation.
More importantly, a large number of celebrities are going to be involved with the project as well. It remains to be seen if the sentiment of investors shift with regards to the Universal Media stock.
“Universal Media has been more active than ever, creating many new opportunities to grow our business. This collaboration with Larry Kasanoff and Threshold Entertainment is the start of a relationship that will again showcase Larry’s extraordinary talents and add to an ever-growing content collection for Universal Media. We have always been cognizant to preserve and grow the value for our UMGP shareholders, and this is another step in that direction.” -Mike Sherman, Executive Producer & CEO of Universal Media.
UMGP stock is trading below the 20-Day and 50-Day Moving averages of $0.27 and $0.7 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.62.