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However, the penny stock has declined 75% year-to-date and 38% over the past month. Furthermore, the stock is currently trading lower than its 50-day and 200-day moving averages of $0.62 and $1.06, respectively, which indicates a downtrend.
Investor anxiety surrounding the vote on a reverse stock split of its common stock, scheduled to be held on October 15, 2021, to avoid Nasdaq delisting, could cause its shares to plummet further. In addition, NXTD’s poor profitability and financial instability could make matters worse.
