Ubiquitech Software Corp (OTCMKTS:UBQU) Stock Suddenly Falls 33%: Here is Why

There were many stocks which experienced sharp falls on Monday and one of those was the Ubiquitech Software Corp (OTCMKTS:UBQU) stock. Yesterday, the company was back in the news after it provided the first corporate update in 19 months through its subsidiary company CannazALL.

Market Stats

On Monday, UBQU stock fell 33% at $0.0004 with more than 615.50 million shares, compared to its average volume of 214.66 million shares. The stock has moved within a range of $0.0004 – 0.0006 after opening trading at $0.0006.

Provides a Corporate Update

However, the update provided by the company did not lead to any considerable excitement among investors and the Ubiquitech stock soon suffered a selloff to end the day with a decline of as much as 33%. However, it might be a good idea to remember that the company stated in its update yesterday that it was looking to instil confidence in its shareholders.

In the update, Ubiquitech noted that it had made plenty of changes over the course of the past two years and went on to state that those changes will lay the foundations for a brighter future for the company. While the announcement was an important one for the company, it did not seem to restore any confidence in the shareholders and the stock tanked sharply amidst a heavy selloff. It now remains to be seen if the stock can make any kind of recovery in the coming days.  

Key Quote

CEO, James Ballas states: “After so much time has passed where we have been working diligently on a number of internal items, we wanted our first update to be a reset and a template for our shareholders to gauge where we are at and where we are going. We have achieved a lot over the last two years in terms of our management team, infrastructure, business goals, as well as our outlook for the future. The Company is onboarding the talent and expertise to successfully grow at a rate that is better than ever before. We have incredible history and brand recognition, and the future looks very bright as we continually build into 2022, and beyond.”

Traders Corner

UBQU stock is trading below the 20-Day and 50-Day Moving averages of $0.0005 and $0.0004  respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0006. The stock is down 33% in the past month.