PAGNIE FINANCIERE RI (OTCMKTS:CFRUY) was a notable mover in Wednesday’s trading session. The stock declined by close to 1% on the back of high volumes. It is important to state that the stock has been in a strong downtrend and has formed lower tops and lower bottoms indicative of the strong selling interest. The stock currently trades below all daily moving averages. The momentum oscillators continue to form lower lows, which is a bearish signal. Traders believe the stock could head to levels of $7.376 in the near term. The relative strength index continues to point towards inherent weakness.
The ranking of PAGNIE FINANCIERE RI (OTCMKTS:CFRUY) was lowered by a team of analysts at Societe Generale. Earlier the stock had a ‘buy’ rating, but as the market progressed, analysts brought down the rating to ‘hold.’ No official clarification has been given as of now.
PAGNIE Shows Recovery After Being Downgraded
As soon as the rating of PAGNIE’s stock was downgraded, experts thought that it would further fall; however, things went the other way, and PAGNIE recorded a decent hike. It ended the trading session with 0.33% hike. On Monday, it surged 1.39% to end the day at $8.03 with total traded volume of 7,079,104 shares.
At the end of the Wednesday, stock’s price came down to $7.63. If taken into consideration the highest and lowest trading prices of the stock, one can see a range of $9.61 and $7.14. If not the lowest, the stock is currently trading near to its 52-week low price.
Reporters tried to get in touch with the senior management team of the company to comment on the rating downgrade and recent fall in its price as well as volume, but no positive response was received.
Road Ahead From This Point
Experts call it a critical time for the company and believe that if the management doesn’t take any appropriate decision in the near future, the situation can turn from bad to worse. They are hoping that PAGNIE board will take an appropriate decision to overcome from the danger zone. Investors can expect to get a clear idea about company’s next move in next few days.