On Tuesday, Camber Energy Inc. ($CEI) lost half of its value. The big topple after Kerrisdale Capital referred to this independent oil and gas company as a ‘defunct oil producer’. The bearish trends continue Wednesday morning, and if the trends continue, the company could lose two-thirds of its value in a matter of four days!
With a market cap of 259.886 million USD, Camber Energy Inc., the Oil and Gas company tumbled around 25% in early Wednesday morning. This put them on the track to lose almost 75% of their value in these four days. The trading volume of 13.9 million shares was recorded in the pre-market sessions, making $CEI stocks the second-most actively traded.
Earlier, Camber Energy Inc.’s stocks had plunged 50.5% on a volume of 845 million shares. Last week, the shares of Camber Energy surged as it became the name with the highest trends on StockTwits. It was also in the top five on the WallStreetBets Reddit’s thread. The stock prices had rocketed by 161.6% to a two-year closing high of $3.82 on 30th September.
The report released by Kerrisdale Capital said that the Camber Energy’s only real asset is a 73% stake in Viking Energy. This resulted in the bearish trends that continue for CEI. On Wednesday, the stocks opened around 69% below that two-year high!
The stock price increased a little towards the afternoon but are still in the red! The company currently (12:00 PM EDT) stands at 1.2843 points. This is in the red by –16.0588% at –0.2457 points.