Trio Petroleum (NYSEMKT:TPET) Shares Down 19.1% – Time to Sell?

Shares of Trio Petroleum Corp. (NYSEMKT:TPET) traded down 19.1% during mid-day trading on Tuesday . The company traded as low as $1.01 and last traded at $0.8330. 198,879 shares changed hands during trading, a decline of 88% from the average session volume of 1,717,439 shares. The stock had previously closed at $1.03.

Trio Petroleum Price Performance

The firm has a market capitalization of $7.03 million, a P/E ratio of -1.32 and a beta of -5.15. The business has a 50 day moving average price of $0.90 and a 200 day moving average price of $1.08.

About Trio Petroleum

We are an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets in California. We have no revenue-generating operations as of the date of this prospectus. The Company was formed to acquire Trio Petroleum LLC’s (“Trio LLC”) approximate 82.75% working interest (“WI”) (which was subsequently increased to an approximate 85.75% working interest) in the large, approximately 8,600-acre South Salinas Project (the “South Salinas Project”), and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets.