NxGen Brands Inc (OTCMKTS:NXGB) Stock Sees Bearish Trend
Last Friday was not a particularly great time for NxGen Brands Inc (OTCMKTS:NXGB) investors as the stock suffered from a steep selloff and ended the day with a decline of a much as 12%. Despite the fall in the share price, it is perhaps important to point out that on Friday the company had actually made a key announcement and it is something that investors could look into.
Market Stats
On Friday, NXGB stock fell 12.50% to $0.14 with more than 22K shares, compared to its average volume of 7.4K shares. The stock moved within a range of $0.1400 – 0.1700 after opening trading at $0.1699.
NxGen Brands Inc. to Launch SendPut – Online Marketplace and Rapid On Demand Local Delivery Services for SMBs
The company announced on Friday that it had started the beta testing work with regards to SendPut Networks. It was a major announcement from the company but it did not lead to any optimism from investors.
Instead, the investors decided to head for the exits and that resulted in the alarming decline on Friday. This morning, many investors are going to be hoping for a quick turnaround in fortunes for the NxGen Brands stock.
The SendPut launch also signals a major new milestone for the company as it is a digital marketplace with disruptive attributes and also deploys the rapid delivery model. It may be a good move from investors at this point to perhaps keep track of the beta testing phase and see how the whole thing progresses before making any moves.
Traders Corner
NXGB stock is trading below the 20-Day and 50-Day Moving averages of $0.14 and $0.15 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.21.
