QuantGate Systems Inc (OTCMKTS:QGSI) Stock On Radar After Termination of LOI With CoinAnalyst

On Wednesday investors in QuantGate Systems Inc (OTCMKTS:QGSI) were in for a shock as the stock went through a major selloff and ended up with a decline of as much as 30%. In light of such a selloff it is important for investors to figure out if the decline is going to continue in the short term or if there is a recovery on the offing.

Trading Data

On Wednesday, QGSI stock ended flat at $0.0273 with 211.31K shares, compared to volume of 65.68K shares. The stock moved within a range of $0.0273 – 0.0273 after opening trade at $0.0330.

QuantGate and CoinAnalyst Announce Termination of LOI

The financial technology solutions providing company was in the news yesterday after it announced that it had decided against going ahead with their previously announced reverse transaction. The announcement with regards to the same had been made by the company back on October 19, 2022.

To that end, the company had also signed a non-binding letter of intent back on October 14, 2022 with CoinAnalyst. However, following this decision the letter of intent had been terminated by the company as on December 5, 2022. QuantGate is best known for using machine learning and artificial intelligence powered SaaS-based financial technology solutions.

The company’s products  help in the identification of investment opportunities across a wide range of classes of assets. It remains to be seen if the stock can recover today.

Technical Data

QGSI stock is trading below the 20-Day and 50-Day Moving averages of $0.0394 and $0.0541 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0743.