Metrospaces Inc (OTCMKTS:MSPC) Stock Takes a Hit: Falls 40%
Property technology company Metrospaces Inc (OTCMKTS:MSPC) may be an innovative company which is possibly on the radars of many investors but its stock tanked sharply yesterday.
Market Stats
On Monday, MSPC stock slumped 40% at $0.0003 with more than 698.04 million shares, compared to its average volume of 275.10 million shares. The stock has moved within a range of $0.0003 – 0.0005 after opening trading at $0.0005.
Latest News
The company announced yesterday that it managed to complete the acquisition of two properties in the city of Indianapolis as part of its initiative to introduce its new age co-living platform MetroHouse. However, the news about the acquisitions did not quite thrill investors and the Metrospaces stock suffered from a significant selloff. Yesterday, the stock ended up with a decline of as much as 40% as a consequence.
The company announced that the two properties in question are both single family homes which have two baths and three bedrooms each. Metrospaces has renovated the properties as co-living units and in the near future, the properties are going to be fully equipped so as to serve as modern co-living dwellings.
The Chief Executive Officer of the company Oscar Brito stated that Metrospaces teamed up with a development partner. However, more importantly, he went on to state that the Indianapolis market not only has a lot to offer in terms of acquisition options but the demand for leasing in the city is also on the rise.
Key Quote
“We have a strong development partner in Indianapolis, and think this market offers both attractive purchase options and a strong leasing demand,” said Oscar Brito, CEO of Metrospaces. “This is the first targeted market for the MetroHouse platform, and we are working to identify strong real estate investments in the hottest rental neighborhoods in markets that are underserved by co-living opportunities.”
Traders Corner
MSPC stock is trading below the 20-Day and 50-Day Moving averages of $0.0006 and $0.0008 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0012. The stock is down 70% in the past month.
