Profit booking can often prove to be a major factor behind sharp declines in stocks and that is what led to the 34% decline in the HeadsUp Entertainment International Inc (OTCMKTS:HDUP) stock on Friday.
Market Action:
On Friday, HDUP stock moved down 34.07% at $0.0600 with more than 2.31 million shares, compared to its average volume of 314K shares. The stock has moved within a range of $0.0561 – 0.0990 after opening the trade at $0.0928.
Major Trigger
Although the decline in the stock was sharp, it cannot be denied that such a sharp fall can also prove to be an opportunity for new investors. Hence, it could be a good idea to take a look at a key announcement that was made by HeadsUp Entertainment on Friday. The company announced that it inked a new agreement with the Portugal based NFT (non-fungible token) technologies and marketplace operator TOKONOMICA.
The NFT space has grown at a remarkable pace this year so far and more and more companies are now getting into it due to the rising demand of such tokens. HeadsUp Entertainment noted that the business is expected to bring considerable revenues and create asset value. It had also been announced that the two companies are going to work towards concluding a business agreement formally so that they can pursue opportunities in the NFT space. At this point, it could be a good idea to add the HeadsUp Entertainment stock to your watch lists.
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