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Alpine 4 (ALPP) stock tanks 6% on reverse stock split announcement

Alpine 4 (ALPP) stock tanks 6% on reverse stock split announcement

Alpine 4 Holdings (NASDAQ: ALPP), a US conglomerate that owns and operates small market businesses, saw its shares close last week down more than 6%. 

The decline came after the company announced that its reverse common stock split would come into force on Friday, May 12. 

As a result of the decision, Alpine’s Class A common shares are set to begin Monday trading on a split-adjusted basis on the Nasdaq stock exchange. The adjusted stock will continue trading under the same ticker symbol, ALPP.

A reverse stock split is a process where a company reduces the number of shares outstanding and increases the value of each share with the aim of raising the share price and improving the company’s perceived financial health. The reverse stock split does not change the total value of an investor’s holdings in the company.

ALPP recent price action

At press time, ALPP was trading at $0.28 per share after plunging 6.16% on Friday. 

Over the past month, the company’s shares plunged more than 46%, sharply underperforming the broader S&P 500 index, which fell just 0.6% over the same period. The drop came despite the company announcing record growth in its subsidiary Quality Circuit Assembly (QCA) for Q1 2023. 

The division reported $4.7 million in new work for the quarter after adding its latest JUKI Pick and Place line worth $780,000, to tackle the growing demand. After reporting robust quarterly growth and strong interest in its state-of-the-art equipment, QCA stands “at the precipice of making the jump to the next level of Contract Manufacturing,” said the company’s president, Tim Garcia. 

The company’s stock was oscillating in a significant trading range of $0.25 to $0.54 in the past 30 days.

ALPP 1-month price chart. Source: TradingView

Year-to-date, ALPP plummeted more than 47%, in part due to broader market jitters, and remains down over 74% from its 52-week high of $1.10. 

What do ALPP’s technical indicators say?

Based on TipRanks’ summary of all technical indicators on the 1-day gauges, ALPP is currently rated as a ‘strong sell,’ with 16 being ‘bearish’ on the stock, 6 ‘neutral,’ and only 1 being ‘bullish.’ 

ALPP technical indicators summary. Source: TipRanks

Moving averages (MA) also hold a ‘strong sell’ rating on the company’s shares, while oscillators rate it as ‘sell.’ 

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