In the past week, the Galaxy Next Generation Inc (OTCMKTS:GAXYD) stock has not had a particularly good time and has gone down by as much as 6% amidst a steady selloff. In this situation, it may be necessary for investors to perhaps figure out if the stock can actually make a recovery any time soon.
Market Reaction
On Tuesday, GAXYD stock fell 1.91% to $0.36 with 70K shares, compared to its average volume of 74K shares. The stock moved within a range of $0.3550 – 0.3670 after opening trade at $0.3610.
Galaxy Next Generation Continues its Success in Texas with Catalog Contract Renewals and Newly Awarded Catalog Bids
The company, which is involved in the interactive learnings technology services space, was in the news yesterday after it announced that it had been successful in the extension of a number of catalogue contracts by as much as a year. In addition to that, the company also announced that it had also been awarded a number of new catalogue bids in Texas.
It goes without saying that the announcements were quite crucial and could have a major role to play in the company’s growth in the future. The Chief Executive Officer of the company Gary LeCroy spoke about the developments as well. He noted that the company’s strong performance in the state of Texas had primarily been driven by the diligent efforts that had been put in.
The state boasts of as many as 1000 school districts and that was the reason why Galaxy Next Generation decided to put in the efforts.
Key Quote
Gary LeCroy, Galaxy’s Chief Executive Officer, commented, “This success in Texas has been due to our increased presence and efforts in the state with over 1,000 school districts. Over the past two years we have brought on new resellers and hired a Central Regional Sales Manager based in Texas in order to serve the geography and growth more efficiently. All of these efforts are now paying off.”
Traders Review
GAXYD stock is trading below the 20-Day and 50-Day Moving averages of $0.51 and $0.87 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.64.
