The slide in the HUMBL Inc (OTCMKTS:HMBL) stock has continued apace today as it tanked by another 11% to hit $0.77 a share. At the turn of the year, HUMBL had been one of the more popular penny stocks but the tide turned in March and since the latter part of that month, the stock has declined by 80%.
In this situation, it should be noted that the continued troubles for the HUMBL stock is related to the current selloff in tech stocks that are dependent on the company’s continued growth.
HUMBL is engaged in building mobile-based applications that are meant for the digital payments space. The digital payments industry has grown at a breakneck pace in recent years and when HUMBL went public in December last year through a reverse merger with Tesoro Enterprises, there was considerable interest in the stock. At this point, experts think that the HUMBL stock might not be able to make a quick recovery.