Meten Holding Group Ltd (NASDAQ:METX) Stock Sees Another Round Of Sell-Off
China based English language training service provider Meten Holding Group Ltd (NASDAQ:METX) has had a pretty rough time in the markets over the course of the past week and the trend remained the same on Wednesday.
Market Stats
On Wednesday, METX stock moved down 7.60% at $0.43 with more than 57.24 million shares, compared to its average volume of 92.38 million shares. The stock has moved within a range of $0.4300 – 0.4850 after opening trading at $0.46.
Major Trigger
The Meten Holding stock dived by another 7% yesterday and took its losses for the past week to as much as 25%. In this context, it is necessary to remember that there has been no news at all about the company over the course of the past week and the last time any news emerged about it was back on October 28 this year.
The company had been planning to make an entry into the fast growing cryptocurrency and blockchain space for some time and it made an announcement in that regard back on October 28.
Meten announced that it inked a strategic cooperation agreement with the technology company AGM Group Holdings Inc with regards to the fast development of its blockchain and cryptocurrency mining business. It was a significant announcement from the company and it now remains to be seen how it all progresses. Despite the fall in the stock price, it might still be a good move to keep Meten in your watch lists.
Traders Corner
METX stock is trading below the 20-Day and 200-Day Moving averages of $0.51 and $1.20 respectively. However, the stock is trading above the 50-Day moving average of $0.41. The stock is up 36% in the past month.
