Pitney Bowes Inc. (PBI), a shipping and mailing company, closed Tuesday’s regular trading session at $5.05 after sliding down 4.17% during the day. In the premarket, PBI started to show optimistic signs, as it gained an increase of 1.39% and was trading at $5.12 at the last check.
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PBI Announced Superannuation of Johnna Torsone
The most recent news which had an impact on the price of PBI stock was regarding the retirement of the Chief HR Officer. The news came out before the opening of the market on Tuesday. The company announced that Executive Vice President and Chief Human Resources Officer, Johnna Torsone was retiring after a distinguished career of 23 years. However, Torsone was to continue in the role of senior executive advisor. In place of Torsone, Andrew Gold had been appointed in the role of Chief Human Resources Officer.
Business Services Sector having Mixed Time
The stocks related to the business services sector, like PBI, are seeing robust conditions as compared to a year ago, mainly due to the subsiding impacts of the pandemic, which is providing a sigh of relief to the business sector and the ones associated with it. However, still, a glut of issues is being faced by the services sector. For instance, the supply chain constraints, as well as rising oil prices, are hampering the performance of ones related to logistics, while the ones involved in financial services are facing trouble in the wake of the Russian Ukraine war.
What’s Up for PBI
For a very long time, the shares of PBI have been in a very sharp decline. Over the last 12 months, the share price of PBI dropped more than 14% even though the general trend of the services sector remained positive during that time. The factors mentioned above, i.e. supply chain constraints, soaring oil prices, etc. were believed to be the key reasons behind this abysmal performance, but more recent efforts from the company, including partnerships, are proving a fresh impetus to the stock.
Looking ahead, the aggressive set of investors is more than likely to attain solid returns from investment in PBI stock. The ones who tend to play defensively would not be able to easily manoeuvre through the hot waters of PBI, as the future is looking capricious for the stock.