SOS Limited (NYSE:SOS) Stock Sees A Bit Of Buying After The Big Fall
If you are on the lookout for stocks in the fast growing cryptocurrency mining stocks at this point of time then it could be a good time to look into the SOS Limited (NYSE:SOS) stock.
Market Stats
On Thursday, SOS stock gained 3.42% at $1.51 with more than 30.12 million shares, compared to its average volume of 13.01 million shares. The stock has moved within a range of $1.4900 – 1.5800 after opening the trade at $1.53.
Why Such a Big Fall?
Earlier on in the week on Wednesday, the stock had performed poorly and gone down by as much as 30%. However, on Thursday, the stock managed to make a bit of a recovery and went up by as much as 3%. While the recovery was notable, it might be a good idea to take a look at the fall in the SOS stock this Wednesday.
The SOS stock has lost a lot ever since it hit its high of $15.88 earlier on this year and the latest selloff might have been triggered by the news of a private placement from the company.
Experts believe that the decision from the company to have a direct offering worth as much as $90 million to private investors may have been the main factor behind the strong selloff. However, at the same time, it should be noted that despite the fear of share dilution, the fresh funding is going to be used by the company for funding its future growth.
Traders Corner
SOS stock is trading below the 200-Day and 20-Day Moving averages of $3.82 and $2.11 respectively. Moreover, the stock is trading below the 20-Day moving average of $2.32. The stock is down 27% in the past 3- month.
