Although it was one of the major gainers among penny stocks earlier this year, the HUMBL Inc (OTCMKTS:HMBL) stock has had a pretty tough time in recent weeks.
The stock has declined by as much as 45% so far in May and the carnage continued on Friday as it tanked by 15% for the week. The latest decline in the stock has been brought about by a fresh short-selling report from the firm Hindenburg Research.
In the research report, Hindenburg stated that the company’s payments app has been a disappointment so far and users are unable to receive and send payments through it. One of the reasons for HUMBL’s rise was due to its possibilities as a fintech company and hence, this report may have spooked investors. The report went on to state that most of the merchants who are in the app do not actually accept payments made through HUMBL Pay.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.