A stock market is a volatile place. That is a well-known fact. However, just because investors are aware that stocks fluctuate frequently, and that it is inevitable that one of their stocks will drop at some point in time, it doesn’t mean it doesn’t sting a little when it happens. Don’t know what I mean? Well, I can assure you that ThreeD Capital (CSE:IDK) (OTC:BWSOF) shareholders know what I’m talking about.
What’s Going On?
Similar to healthcare company InspireMD (NYSEAMERICAN:NSPR), ThreeD Capitals stock price has been fluctuating lately. Unlike InspireMD however, ThreeD Capital has witnessed its stock increase and decrease every couple of weeks for the past two months.
Starting on January 5, ThreeD Capital started trading up nearly 40%. Then, on January 15, the Toronto-based company hit a new 52-week high, trading at $0.82 at one point during the session. Then, one day later, ThreeD Capital made a massive announcement, most likely thinking that this news would allow the stock to continue to grow. It didn’t. On January 16, the capital market company announced that it is going to start making purchases in a portfolio of cryptocurrencies.
Take a moment to think of how in-demand the cryptocurrency sector is right now. Got it? It’s huge. So, one would have thought that this sort of news would have allowed the ThreeD stock to jump even higher, but it didn’t. The news caused the stock to drop nearly 15%. After the almost 15% plunge, things started to look a little brighter, with ThreeD Capital trading up 32% on January 19 for no apparent reason.
At this point, I thought for sure ThreeD Capital was preparing itself for a comeback. Turns out, I was wrong. As of this writing, the Canadian venture capital company is trading at $0.29, putting the IDK stock down $0.07, or 19.44%. This nearly 20% drop in stock price comes just seven days after the company appointed Doctor Eric Ting-Kuei Chou to its Advisory Board. Currently, ThreeD Capital has a market capitalization of 26.65 million.
Right now it’s unclear as to the direction ThreeD Capital is heading in. Most of the recent drops in stock price weren’t caused by anything directly, so it might just be the market still getting its head around ThreeD making purchases in a crypto portfolio.
Check back in next week to see where the stock is sitting.
Featured Image: depositphotos/leungchopan