Eline Entertainment Group (OTCMKTS:EEGI) stock Falls On Profit Taking: What Next?

The meme stock rally led by retail investors who are active on Reddit has been one of the most remarkable phenomenons in the stock market for many years. One of the meme stocks to have broken out in a big way due to a short squeeze from retail investors in recent days is the Eline Entertainment Group (OTCMKTS:EEGI) stock.

Yesterday, the stock actually declined by 8% as many of the investors decided to take some of their profits. However, it should be noted that the stock is still up by as much as 70% over the course of the past week.

As a matter of fact, the Reddit fuelled rally has pushed the Eline stock up by as much as 7300% in 2021 so far. However, at the same time, it should be noted that the rally in the stock may be entirely speculative in nature.

At this point in time, Eline does not have a business and in addition to that, it has not even submitted its financial results over the past few years either. Hence, it could be said that despite the remarkable rally in the stock in recent days, any investment in the stock might be beset with risks.

Market Reaction:

On Monday, EEGI stock fell 8% at $0.0041 with more than 189.44 million shares, compared to its average volume of 257.08 million shares. The stock has moved within a range of $0.0038 – 0.0045 after opening the trade at $0.0045. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0099.