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this is pro kidney on the monthly chart and the past three months price has just been in a straight downward trajectory you can see that around that $6 $7 level it w serve as support but that's no longer the case so let's get into the news as to why prices are down so far and at the end of the video we're going to get into uh a price Target so shares of pro kitney are are in the green today this is an article coming out from uh the other day despite recent sales from Spa sponsor chamat palaha I we'll just call them chamat back in July of 20122 pro kitney agreed to merge with social capital in a business combination valued at 2.64 billion since then shares of proit kidney stock has plummeted by 70% and this year alone year to date stock is off 60% meanwhile chamat recently unloaded a lost chunk of the chronic kidney disease treatment company uh about a week ago he sold off almost half a million shares at an average price between $263 and $384 however on the bright side he still owns roughly 14 million shares now this wasn't the only time he sold earlier this month he sold 277,000 at an average price of $420 and $4.7 and then in midt he sold another almost 2 million shares between at around $547 so you see the trend he's the cause of why the stock is is falling so trat sales do not convey a strong sense of confidence in the stock especially given his status as a spa sponsor he was the spa King uh back during the pandemic meanwhile the activity of other insiders hasn't signal confidence either um so you had a 10% owner uh he purchased 4,000 shares back in 2022 uh purchased another 7,000 shares um around that same time frame um however today both of those purchases are severely underwater since it's back debuted insiders have purchased $882,000 worth of shares on the open market on the other hand sides have sold off 11 million doll worth of the stock so so let's talk about the financials Pro kidney remains an unprofitable per Revenue company during the second quarter net loss before non-controlling interest tallied in at 35 million up from 22 million year-over-year company's operating expenses also grew to 40 million compared to 20 million in the year ago period so the message in this video is um if you're in get out if you're thinking about getting in don't um now again the last 3 months has been red and on the weekly chart price formed a sell level you have weekly buyers at the uh excuse me weekly sellers at the 475 dollar level so yesterday on the daily chart again we were green past two days right because price was just oversold but after this short consolidation price just collapsed again um and so the charts are suggesting if price can move up to the weekly sellers level opportunity to show it uh look for your Target to be at the $1 level in the coming weeks and month
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