Thunderbird Entertainment Group (OTCMKTS:THBRF) Stock Continues to Move Down

The investors in Thunderbird Entertainment Group (OTCMKTS:THBRF) did not have a great time in the markets last week as the stock continued to suffer from a selloff throughout. This past Friday, the stock continued to slide amidst a selloff and went down by as much as 4%. That took the decline recorded by the stock in the past week to as much as 8%.

Market Action

On Friday, THBRF stock moved down by 3.90% to $3.51 with 28.5K shares, compared to its average volume of 22.78K shares. The stock has moved within a range of $3.4900 – 3.5500 after opening trade at $3.53.

Thunderbird Entertainment Provides Shares Issuance Update

The company, which is involved in content production, distribution and rights management, was in the news last week, after it made a key announcement on Friday. The company announced that it had issued as many as 40975 shares to Jennifer Twiner McCarron, the Chief Executive Officer.

The shares had a deemed price of $4.93 each. While the announcement was a significant one, the news about the issuance of shares to the CEO did not go down well with investors and the stock suffered from a selloff. In this context, it is necessary to point out that the shares had been issued as a performance based bonus to the CEO for the financial year that had ended on June 30, 2021. The CEO has such a provision in her agreement with the company.

Traders Note

THBRF stock is trading below the 10-Day and 20-Day Moving averages of $3.76 and $3.68. Moreover, the stock is trading is the neutral zone with RSI stands at 36. Key pivot point is $3.51.

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