Clubhouse Media Group Inc (OTCMKTS:CMGR) Stock Fails To rebound Despite The Recent News
Clubhouse Media Group Inc (OTCMKTS:CMGR) stock continued to see selling pressure as the stock is down about 19% in the past month.
Market Action
In the previous trading session, CMGR stock lost 4.43% to $1.51. A total of 16k shares traded for the session hands, below its average volume of 23k shares. The stock opened at $1.65 and moved in a range of $1.5100 – 1.6500.
Key Trigger
Lindsay Brewer, Professional Racecar Driver, Signs Ambassador Deal with Clubhouse Media Group’s Digital Creator Platform HoneyDrip.com
Clubhouse Media announced that Lindsay Brewer, a professional racecar driver, has been contracted as a promotional ambassador to HoneyDrip.com, a new digital platform developed by Clubhouse Media Group to let creators monetize content.
Brewer has been racing professionally since she was 11 years old, winning national titles in Go-Karting, Legends Racing, Saleen S1, and most recently joined TC America Series Race in 2021. She is a Honda Racing Development Manufacturer Ambassador in the series. Brewer is also a Formula 4 Driver for the Skip Barber Racing Team, and as of September 2021, has been in second place nationally in the series. Brewer was sponsored in 2021 by Clubhouse Media Group and is a San Diego State University graduate majoring in business management.
Outside of car racing, Brewer is a social media influencer and model. In her modeling career, Brewer has worked for a number of fashion brands, including YSL Beauty, Revolve, Bentley Beverly Hills, Lanvin, and Beach Bunny Swimwear, among others. As of September 2021, Brewer had over 1.5 million followers on Instagram, 460,000 followers on TikTok, and is a verified Snapstar.
Key Quote:
“I am excited that Clubhouse Media Group reached out to me to be an ambassador for the HoneyDrip.com platform,” said Brewer, who is also a stockholder of Clubhouse Media. “As a professional racecar driver, I am always excited to see new ways for creators to monetize their audience. HoneyDrip.com is a platform focused on letting creators develop sources of income by allowing them to share content in a hopefully judgment-free and inclusive environment, making this partnership a natural alignment for my ethos. Friends of mine have wanted a new platform that was free from the stigma of other similar platforms on the internet, and I felt that HoneyDrip could be a place where people could monetize their followings without being stigmatized.”
Trader Notes:
CMGR stock is trading well below all the key moving averages with 50-day and 200-Day SMA stand at $2.26 and $6.40 respectively – signaling a weak momentum. However, RSI stands at 28 – trading in the oversold zone and we may see some kind of bounce back.
