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Eqonex Shares Fall After H.C. Wainwright Downgrade -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — After Kevin Dede, H.C. Wainwright’s analyst on cryptocurrency Eqonex Ltd downgraded it, shares of Eqonex Ltd (NASDAQ) dropped more than 6 percent

After last week’s announcement that Eqonex CEO Richard Byworth would be stepping down, the analyst decided to make this decision and was replaced by Andrew Eldon as COO.

“The December 20 Bomb. Dede noted that Richard Byworth, CEO, was replaced by Andrew Eldon, COO, as a somber ending to the year. “Transformational” strategic opportunities are being pursued.”

Analysts also stated that Eqonex had been hoping for a rebound on sharply increasing trading volumes. More users would understand the platform’s value.

He said that Eqonex’s daily trading volume was “hovering around flattish levels throughout the fall season, instigating board’s rethinking of leadership and the endgame within an rapidly evolving crypto environment.”

Dede pointed to Eqonex’s press release, in which the company stated that they are in an “ongoing strategic conversation with third parties”, and explained that this implies that Eqonex is looking at merger or acquisition options.

Dede stated that there was no strategy clearly laid out in the December 20 press release or a vague prognosis. “We are moving on to the sidelines, with a Neutral rating, no PT and a Buy rating,” Dede explained.

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