Orbital Energy Group Inc (NASDAQ:OEG) stock Falls On Profit Booking: What’s Next?
It is almost a given that stocks are going to correct after they record considerable gains and that was possibly the case with the Orbital Energy Group Inc (NASDAQ:OEG) stock yesterday.
After having recorded significant gains lately, the Orbital stock corrected sharply on Wednesday and went down by as much as 20%. In addition to that, the company also announced yesterday that it signed a securities purchase agreement with a range of institutional investors with regards to sales and purchase of its common stock. The company announced that the share purchase agreement is related to the purchase and sale of as many as 10410959 shares of the Orbital common stock at part of a registered direct offering.
In addition to that, it was also announced that the Orbital shares which are going to be offered are priced at $3.65 each. Investors need to keep in mind that the offering is going to take place on July 23, 2021. On the other hand, Orbital also revealed that Alliance Global Partners has been hired in the form of the solitary placement agent for the registered direct offering. While it is true that the stock declined sharply yesterday, it remains to be seen if it can stage a recovery through the rest of the week.
Market Reaction:
On Wednesday, OEG stock slumped 20.17% at $3.72 with more than 9.19 million shares, compared to its average volume of 7.18 million shares. The stock has moved within a range of $3.7000 – 3.9300 after opening the trade at $3.87. Over the past 52-week, the stock has been trading within a range of $0.4510 – 11.2000.
