On Monday, the Elah Holdings Inc (OTCMKTS:ELLH) stock was trading within a range but at the same time it is also necessary to remember that the company had also been in the news as well. Stocks trading in a range can often break out as well and hence, it may be a good move to take a look into this piece of news.
Market Action
On Monday, ELLH stock ended flat at $71.50 with 3 shares, compared to its average volume of 76hares. The stock moved within a range of $71.50 – 71.50 after opening trade at $71.50.
Elah Holdings, Inc. Announces Update to Board of Directors
The company announced yesterday that it had appointed a new independent director but also announced the resignation of another. Elah announced that Richard A Shapiro had been made a Class 1 Director at the company’s Board of Directors and the appointment went into effect on May 3, 2022.
The appointment is an interesting one considering the fact that Shapiro is a seasoned investment professional who has been part of the industry for nearly three decades. In addition to that, he is also the Chief Investment Officer and Founder of Ridge Run Partners LLC. On the other hand, effective May 6, 2022, Brian Laibow had resigned from the Elah Holdings board of directors and he took the decisions since he had other professional commitments. It is going to be interesting to see if the Elah stock moves in the coming days or not.
Key Quote
“Elah is excited to welcome Rich to the Board, and we look forward to his assistance in assessing potential acquisition candidates,” said Clark Webb, Chairman of the Board. “At the same time, we thank Brian for his contributions to the Board and his years of service to Elah. He and Oaktree have been wonderful partners.”
Traders Note
ELLH stock is trading below the 20-Day and 50-Day Moving averages of $76.16 and $78.88 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 27.
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