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Home / Market Movers / Cannabis Stock Laggard: Novus Acquisition and Development, Corp. (OTO:NDEV) Drops 18.33% for February 8

Cannabis Stock Laggard: Novus Acquisition and Development, Corp. (OTO:NDEV) Drops 18.33% for February 8

Novus Acquisition and Development, Corp. (OTO:NDEV) suffered a bigger decline than most peers in the directory of the approximately 200 stocks we track in the cannabis industry on February 8, skidding 18.33% to close the day at $0.499. Today’s drop came with about 2.22 million shares changing hands, compared to an average of 30-day volume of 1.24 million for Novus Acqstn.

The share depreciation gives the company a market capitalization of $104.48 million based upon 171.01 million shares outstanding.

In the past 52 weeks, shares of Novus Acqstn have traded as low as $0.006 and as high as $1.51. Technical traders will take note that at 0.499, shares of NDEV are trading below their 50-day moving average (MA) at $0.704 and above their 200-day MA at $0.239. Technical analysts pay close attention to these key moving averages because they often serve as technical supports and move under them is typically regarded as bearish. Conversely, holding above these key moving averages or breaking over them is perceived as a sign of bullishness.

Who is Novus Acqstn?

Novus Acquisition & Development Corp is a holding company. The Company through its holdings offers health, life, and annuity insurance products and services. The company is led by CEO from its headquarters in Miami, FL.


For more information on Novus Acqstn and other companies focused on the expanding legal cannabis and medical marijuana industries or to considered for contributing content, visit PotNetwork.com today.

All data provided by QuoteMedia and was accurate as of 4:30PM ET.

About PotNetwork.com

PotNetwork.com is a leading publisher of market news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the legal cannabis and medical marijuana markets. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts interested in all segments, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications and market exposure. A complete disclaimer can be viewed here.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of PotNetwork.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://potnetwork.com/legal-disclaimer/.

About Jeremy Wilchek

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