Starbox Group Holdings Ltd. [NASDAQ: STBX] stock went on a downward path that fall over -27.87% on Thursday. The company report on August 25, 2022 that Starbox Group Holdings Ltd. Announces Closing of US$21.5 million Initial Public Offering Including Partial Exercise of Over-Allotment Option.
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Starbox Group Holdings Ltd. (Nasdaq: STBX) (the “Company” or “Starbox Group”), a service provider of cash rebates, digital advertising, and payment solutions, today announced the closing of its initial public offering (the “Offering”) of 5,375,000 ordinary shares at a public offering price of US$4.00 per ordinary share, including 375,000 ordinary shares issued pursuant to the partial exercise of the underwriters’ over-allotment option. The ordinary shares began trading on the Nasdaq Capital Market on August 23, 2022 under the ticker symbol “STBX.”.
The Company received aggregate gross proceeds of US$21.5 million from the Offering, before deducting underwriting discounts and other related expenses.
The market cap for the stock reached $319.05 million, with 45.00 million shares outstanding. Compared to the average trading volume of 20.63M shares, STBX stock reached a trading volume of 9016293 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Starbox Group Holdings Ltd. [STBX]:
The Average True Range (ATR) for Starbox Group Holdings Ltd. is set at 15.02, with the Price to Sales ratio for STBX stock in the period of the last 12 months amounting to 53.45. The Price to Book ratio for the last quarter was 112.54.
STBX Stock Performance Analysis:
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum.