XELA Up 29.59% Today, Making
It The Latest NASDAQ Penny Stock
To See Sudden Short-Term Growth.
Exela Technologies, Inc., (NASDAQ:XELA) saw a close up 29.59% today to close the day at $.0924. This marked the third major breakout day in the past three weeks, at the tail end of a long-term downward spiral that has seen this stock plummet from $156 in March 2021 to these recent lows under 10 cents. While this has been an absolute terrible decline for longer term investors, this activity has heightened the interest of penny stock investors, due to it being such a low priced and low market cap play on the NASDAQ market.
NASDAQ Penny Stocks Have Continued To Pick Up Interest Among Penny Stock Traders:
Over the course of the past few months we have reported on multiple penny stocks listed on NASDAQ that have seen outsized gains. The first of which was seen with Cosmos Holdings Inc., (NASDAQ:COSM). In our first COSM news update, in November 2022, we proposed the idea that there might be a major shift of interest among OTC market penny stock traders toward trading penny stocks that trade on NASDAQ instead because of the numerous advantages to trading NASDAQ penny stocks vs OTC penny stocks stocks. The advantages of trading penny stocks that trade on NASDAQ include greater access to liquidity due to more platforms being allowed to facilitate trading in NASDAQ stocks while they cannot allow trading of OTC stocks, and greater transparency in financial document reporting due to the need to file audited information with the SEC, while this is not required of all OTC Market stocks.
In this follow-up report on COSM, we delved deeper into the outsized growth that COSM saw in price per share, within just three weeks time and how the bulk of that growth came as a result of the easier access to be able to trade it vs the OTC market. For weeks COSM managed to see daily volume that outpaced nearly every company that traded on the OTC market on an individual one on one basis. The realization of the growth of COSM caused further flight from the OTC as investors began to recognize the greater ease and liquidity of this stock vs nearly all of the lower tiered OTC.
Just a few weeks after our supposition that NASDAQ penny stocks may fully capture the attention of microcap investment traders, Mullen Automotive, Inc., (NASDAQ:MULN) became the next penny stock to see outsized growth that further captured the attention of the market. As we reported in our first MULN blog update, this company saw large short term gains after reporting news of an electric vehicle (“EV”) purchase contract that was valued at $200 million, which at the time of announcement, was a revenue expectation that far eclipsed the total market cap of the entire company. As detailed within this second MULN news update, this stock quickly became another strong example of a penny stock trading on NASDAQ that captured major liquidity from traders and further reduced the amount of attention being paid to the OTC Market.
The continued success of NASDAQ penny stocks did not end with the above two companies being that even after those big moves, we have continued to see further growth action among these sorts of stocks, now even delving into the blockchain tech industry, as seen with Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK; OTCQX:ARBKF) ("Argo"). Argo recently underwent a sale of a major aspect of its bitcoin mining business due to financial difficulties encountered as a result of the bear market that has impacted cryptocurrencies just as it has impacted the stock market, if not more so. In our update on ARBK, we mentioned that this bitcoin mining acquisition deal was agreed to with Galaxy Digital and that the company aimed to use it to restructure and find new avenues of business, while also still keeping a smaller aspect of the bitcoin mining arm of the company.
Recent Happenings Have Shown That Delisting From NASDAQ Can Also Yield Bullish Short-Term Growth:
While delisting from a higher exchange would generally be seen as very bad news by investors, the oddity of trader mindsets during this bear market has shown us that de-listing from NASDAQ to the OTC Market can actually spark bullish growth. That scenario was seen specifically with Starry Group Holdings, Inc., (OTC PINK:STRY) after the company was de-listed in this manner. The reason for this odd surge came as a result of the heightened reporting standards required of NASDAQ stocks. As explained in this STRY news report, as result of being de-listed, STRY became attractive to OTC Market investors short-term because this change meant that STRY was for the time being, one of the most transparent companies trading on the OTC Market due to its audited financial documents that were filed directly with the SEC. Although this outsized growth action was short-lived it really went to show the constantly shifting strategies that traders and investors have been implementing in effort to attempt to come out on top within this bear market.
With all of the above said, the fact that XELA saw such strong growth today, will certainly have it catching the attention of more penny stock traders as we move into tomorrows new trading day, even with the long-term pattern being so clearly bearish. Even with todays strong move up, the market cap of XELA remains below $11.3 million, making it one of the lowest cap stocks trading on NASDAQ, so it is definitely one to keep your eyes on.
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