Shares of the Urban Tea, Inc. (MYT) stock were falling in the pre-market trading session today after seeing gains in the previous trading session. MYT stock price saw a downtrend of 13.15% to drop at $4.03 a share as of this writing. MYT stock went up by 38.10% with a $4.64 per share price at the previous closing. Let’s deep dive to understand the reason behind this fall.
Urban Tea, Inc. is the emerging tea product distributor and retailer in the People’s Republic of China. The declining MYT stock price is not linked with any specific news related to it. Even we find no activity related to MYT stock for the past two months. There are no signs of recent analyst downgrades or shrank targeted per share price of the MYT stock to justify the bearish sentiment. This situation spreads curiosity among investors who are in search of some reason but sometimes decline in the stock price happens because of the profit takers. For now, it is better to discuss some previous events of MYT stock.
On February 17, 2021, the Urban stock did announce the appointment of Ms. Fengdan Zhou and Dr. Yunfei Song as Chief Operating Officer and an independent director respectively in order to support and manage the Urban Tea strategic expansion in blockchain and cryptocurrency mining. Ms. Fengdan Zhou is an experienced professional in the blockchain and cryptocurrency mining industry and served blockchain data companies in Hong Kong and Singapore. Dr. Yunfei Song is an experienced professional in cryptocurrency mining and asset management and a Scientist at the Chinese Academy of Sciences.
MYT’s subsidiary news:
On January 20, 2021, MYT’s 51% owned subsidiary, Hunan 39 Pu Tea Co., Ltd completed the financial performance commitment of 2020 in which the revenue for the 12 months starting from January 1, 2020, was $4.05 million based on MYT’s internal accounting review. According to the share purchase agreement, 39 Pu Tea had to accomplish the target of $4.00 million in revenue in 2020.
MYT stock is gloomy today as far as market sentiment is concerned despite the absence of any specific news related to it.39 Pu Tea’s achievement of 4.00 million revenue in 2020 would result in revenue growth of 400% in the year ending June 30, 2021. In a nutshell, investors need to keep an eye on this stock.