Wearable Devices Stock Slides 25%, Retail Wonders If Stock Would Close The Day Below $6 Mark

Wearable Devices (WLDS) shares tumbled nearly 25% by midday trading, and the retail message count on Stocktwits almost doubled over 24 hours as of Monday morning, with investors questioning whether the stock would close the day below $6.

Shares of Wearable Devices have jumped over 570% in a week following the company’s announcement that the United States Patent and Trademark Office had granted it a patent titled "Gesture and Voice-Controlled Interface Device.” The patent covers the integration of gesture recognition and voice control, enhanced by biometric authentication.

The stock became one of the top three trending tickers on Stocktwits on Monday. Retail sentiment on Wearable Devices remained unchanged in the ‘extremely bullish’ territory, with message volumes at an ‘extremely high’ level, according to data on the platform.

A bearish user on Stocktwits questioned whether Wearable Devices would close the day below $6.

Following Monday’s fall in share price, another Stocktwits user opined that there was no turnaround for the stock.

Last week, the company announced a $4 million registered direct offering and concurrent private placement, priced at the market under Nasdaq rules. The company said it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of one million ordinary shares at a purchase price of $4 per share in a registered direct offering priced.

It had stated that the proceeds from this offering will be used for working capital and general corporate purposes.

Shares of Wearable Devices have declined 17% this year and have lost over 70% of their value in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Exxon Reportedly Rolls Out Auto-Voting System To Boost Retail Investor Participation, Curb Activist Influence