Pop Culture Group Co Ltd (NASDAQ:CPOP) Stock Takes a Hit: Falls 18%

Hip hop culture company Pop Culture Group Co Ltd (NASDAQ:CPOP), which is based out of China, saw its stock take a bit of a beating this past Friday as it ended the day with a decline of as much as 18%. While the decline was significant, it ought to be noted that the stock is still up by 5% over the past week.

Market Stats

On Friday, CPOP stock slumped 17.83% to $1.29 with more than 449k shares, compared to its average volume of 4.81 million shares. The stock moved within a range of $1.2900 – 1.5455 after opening trading at $1.50.           

Recent News

While the stock went through this rollercoaster ride, it is perhaps necessary to mention that there was no material news about the company in the past week that could have triggered these moves.

In this situation, it may be a good move for investors to consider taking a look at a development from February 7 when the company was last in the news. At the time, the company announced that it had managed to get into a strategic partnership with Shenzhen HipHopJust Information Technology Co Ltd and an investor.

The two entities were going to get involved in the establishment of a joint venture named Shenzhen Jam Box Technology Co Ltd. However, it is unlikely that the announcement had anything to do with the latest move in the stock.

Traders Corner

CPOP stock is trading below the 20-Day and 50-Day Moving averages of $1.39 and $1.69 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.33.