Viking Energy Group Inc (OTCMKTS:VKIN) Stock Slumps 22% In a Week: Here is Why

Earlier on this month on December 1, Viking Energy Group Inc (OTCMKTS:VKIN) had been in the news cycle after it announced that it had signed a Membership Interest Purchase Agreement for the purpose of getting 100% interest in a collection of companies.

Trading Data

On Monday, VKIN stock fell 1.21% at $0.6076 with more than 102k shares, compared to its average volume of 345k shares. The stock has moved within a range of $0.5751 – 0.6800 after opening trade at $0.60.

Viking Energy Signs Agreement to Acquire Renewable Diesel Facility

The company noted that the agreement in question had actually been signed back on November 18, 2021. The group of companies which Viking Energy was looking to acquire are involved a range of businesses starting from engineering and construction to development. It was a major announcement from the company but at the same time, the news about the agreement did not lead to any particular boost for the Viking Energy stock.

The company’s stock has been one of the poorer performers over the course of the past week and has declined by as much as 22% as a consequence. The group of companies are currently working on the launch of the commercial operations of a renewable fuel diesel plant in the city of Reno in Nevada. The plant is going to have the capacity of producing as much as 43000000 gallons of renewable diesel per year. Investors might consider keeping an eye on the developments with regards to Viking Energy at this point.

Technical Data

VKIN stock is below the 20-Day and 50-Day Moving averages of $0.76 and $0.99 respectively. Moreover, the stock is trading below the 50-Day moving average of $0.75. The stock is down 27% in the past month.