Code Green Apparel Corp (OTCMKTS:CGAC) Stock Falls: Company in Negotiations for a New Line of Sustainable Jeans
There were some stocks that started the week off on a fairly weak note and one such stock was of Code Green Apparel Corp (OTCMKTS:CGAC). It had been in the middle of a major selloff yesterday and ended the day with a decline of as much as 17% amidst a downward spiral. In case of such a sharp decline, it may be a good idea for investors to consider taking a closer look at the company and figure out if the decline could in fact be an opportunity or not.
Market Stats
On Monday, CGAC stock fell 16.67% to $0.0005 with 79.60 million shares, compared to its average volume of 56.83 million shares. The stock moved within a range of $0.0005 – 0.0006 after opening trading at $0.0006.
About The Company
Code Green Apparel Corp is involved in the designing, manufacturing and distribution of a wide range of apparel products throughout the globe. One of the more important things to keep in mind with regards to its products is the fact that Code Green Apparel Corp uses recycled textiles to produce its apparel.
Code Green Apparel : Announces That They are in Negotiations for a New Line of Sustainable Jeans
Despite the fall in the stock price yesterday, it ought to be noted that the company did make a major new announcement and it is something that investors could do well to look into. The company announced yesterday that it was locked in talks with regards to a new range of sustainable jeans. It should be noted that the jeans in question is going to be sponsored by a celebrated country music artist. The announcement was a significant one from the company and one that is in line with the company’s larger business goals. The company is involved in negotiations with country music artist for sustainable jeans, which is also supposed to be highly durable.
In this situation, it may be a good move for investors to keep in mind that textile manufacturing is regarded as one of the biggest contributors to water and air pollution. Hence, Code Green Apparel Corp has resorted to working on manufacturing apparel in a sustainable way.
Sustainable jeans are going to be marketed by famous country music artists. However, it should be noted that there are plans in place to expand the line into other products. However, the sharp drop in the stock price is something that may be an indication of the fact that investors are not quite excited by the whole thing. It now remains to be seen if the Code Green Apparel Corp can manage to make a comeback over the course of the coming days or not.
In addition to that, Code Green Apparel Corp also announced that a range of denims is going to be made available in different colors and the products are going to be priced competitively. It is going to bring a fairly unique line of fashion to the people at a price that is going to be highly affordable. It may be a good idea at this point to add the Code Green Apparel Corp stock to your watch lists.
Traders Corner
CGAC stock is trading below the 20-Day and 50-Day Moving averages of $0.0006 and $0.0006 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0013.
