Meten Holding Group Ltd. (METX), a company that provides English language training (ELT) services in China, has surged by 4.12% in premarket trading session and consequently is trading at $0.19 at the time of the writing. During Wednesday’s regular trading session, the stock increased by 1.07% and closed the day at $0.18. The surge in premarket could be attributed to a positive development for the company.
Why METX Rising?
On Wednesday, METX announced that it has launched the trial of its Metaverse vocational education courses during December 2021. The courses are to cover numerous subjects, such as game rendering, architectural visualization, video post-production, etc. The courses are intended for people who recently graduated from school and have no knowledge about visual designing but wish to start their career in this industry. Also, professionals could get enrolled on the course as well.
Cryptomining Trial Operations
On 11th January, METX announced that it had started preliminary trial operation of the cryptocurrency mining business in Pennsylvania. The company procured 147 cryptocurrency mining machines having a total computing power of 14P. The Company purchased cryptocurrency mining machines from AGMH as per the previously announced strategic partnership with AGM Group Holdings Inc.
Agreement with Industry Experts
In late December, METX announced that it had agreed with industry experts for the establishment of the joint venture which was to specialize in the research and development, production and sales of cryptocurrency mining equipment. According to the agreement, both the parties agreed to build an R&D team, establish an effective R&D mechanism. The intellectual property rights generated from the joint venture’s R&D activities were to belong to the joint venture.
Future Outlook for METX
During the last three months, METX stock has declined by more than 60%. Looking ahead, the stock holds a sell signal from both short and long-term moving averages, which in turn gives a more negative forecast for the stock. Hence, potential investors should make a careful decision regarding their investment in the stock.