AppTech Corp (OTCMKTS:APCX) Stock Suddenly Falls 19%: Here is Why

The month of December started off on a sour note for investors in the fintech company AppTech Corp (OTCMKTS:APCX) as the company’s stock tanked by as much as 19% yesterday.

Market Action

On Wednesday, APCX stock slumped 19.14% to $1.50 with 2.6K shares traded, compared to its average volume of 6.22K shares. The stock has moved within a range of $1.5000 – 1.7950 after opening trade at $1.79.

Appoints Ben Jenkins, Payments and Software Innovator, as Chief Technology Officer

The fintech company, which is primarily involved in helping with e-commerce experiences, was in the news yesterday after it made an announcement about a key executive announcement. AppTech announced that it appointed a new Chief Technology Officer in the form of Ben Jenkins, who is going to be a part of the Executive Management Team at the company going forward.

It may be a significant appointment for AppTech but it was clear that investors did not quite look at it that way yesterday and that was apparent in the selloff that ensued. In this context, it is important to take a look at Jenkins’ credentials.

Before joining AppTech he had been working with Innovations Realized and while working there he had been responsible for the digital transformation that had taken place at the digital platform operated by AppTech. Hence, it can be said that Jenkins is intimately accustomed with one of the company’s main products. It now remains to be seen if the AppTech stock can bounce back in the coming trading sessions.

Key Quote

“We are excited to welcome Ben to our team,” said Virgil Llapitan, AppTech President. “His passion for continual learning and disruptive innovation are well reflected in his leadership skills. Ben’s proven track record of building scalable solutions at large companies like Blackbaud positions him well to lead our initiatives aimed at increasing value for our customers.”

Traders Note

APCX stock is trading below the 10-Day and 20-Day Moving averages of $1.78 and $1.54. Moreover, the stock is trading is the neutral zone with RSI stands at 48. Pivot points are $1.1067, $1.3033, $1.4017.

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