Possibility of suspicious activities with regards to a company’s common stock can often lead to a selloff and that is what happened with the Wikisoft Corp (OTCMKTS:WSFT) stock on Monday as it tumbled by as much as 14%. Earlier on this month on May 5 the company had been made aware of some sort of promotional activities involving it and also its common stock by way of a notification from OTC Markets.
Market Reaction
On Monday, WSFT stock fell 13.73% at $0.0440 with more than 709K shares, compared to its average volume of 440K shares. The stock moved within a range of $0.0431 – 0.0530 after opening trade at $0.0480.
Key Details
In the notification, it was noted that promotional reports had surfaced online which had encouraged investors to buy Wikisoft shares. The notification added that those online promotional reports may have led to the activity in the company’s stock.
Wikisoft noted that it had been unaware of these activities up until the point it had received the notification from OTC Markets. It added that even now it was in the dark with regards to the full nature of the activities that had been carried out.
However, Wikisoft was quick to add that it had absolutely no affiliation with those who had actually authored those promotional reports and had encouraged people to buy the company’s stock. It will be interesting to see how the stock fares today.
Traders Review
WSFT stock is trading below the 10-Day and 220-Day Moving averages of $0.0525 and $0.0580 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.2558.
