On February 24, Camber Energy Inc. (CEI) stock continued to rise in the premarket while there is no official news or SEC filing. The company’s latest news date back to February 17, 2022, regarding its subsidiary’s acquisition.
In the previous trading session, CEI stock was able to add a good 30.51% at a heavy volume of 94.64 million. CEI stock closed the session at $0.59 after fluctuating between $0.46 and $0.65. At the last check, in the premarket, the stock had added a further 45.99% on Thursday. Thus, CEI stock was trading at $0.87 apiece in the premarket, at the time of writing. Due to low before-hours volume, the current stock movement is highly volatile as its keeps fluctuating in a matter of seconds. But so far the stock seems to be enjoying good favor from investors.
The independent oil and natural gas company, Camber Energy Inc. was founded in 2003. Currently, the company’s 104.2 million outstanding shares trade at a market capitalization of $113.75 million.
What is Happening?
On February 22, CEI stock suffered a downfall as it reached a low of $0.45 and closed the session just above the low at $0.46. The stock had plunged down to such a low after nearly 6 months (minus a week). While there is no official news or SEC filing, it seems the recent low price of the stock is responsible for the current uptrend. Most likely investors found the low price a good opportunity to buy the stock as the company continues to work for regaining compliance with NYSE due to its delayed financial reports. Furthermore, external factors like social media discussion and stock sentiment might also have a hand in the recent uptrend.
Currently, CEI stock stands at a year-to-date loss of 30.14% while it subtracted a huge 60.15% last year.
CEI Company News
On February 15, the company announced the acquisition by its majority-owned subsidiary, Viking Energy Group Inc. Viking acquired a 51% interest in two entities that own IP rights to proprietary Electric Transmission and Distribution Open Conductor Detection Systems. The proprietary system is fully developed, pending patent, and ready for market. It is designed to detect a break in a transmission line, distribution line, or coupling failure. And to terminate the power to the line before it reaches the ground. As per February 17’s announcement, the founders of the proprietary system are recognized leaders in the energy sector.
Moreover, CEI also announced that the NYSE has accepted its request for an extension to file its delayed financial reports. Thus, the company has until April 1, 2022, to file the reports.
