Alternative Energy Partners Inc. (OTCBB:AEGY) Suffers Another Crash
Despite finally launching their online ordering platform PharmaJanes at the end of January the stock of Alternative Energy Partners Inc. (OTCBB:AEGY) has been unable to form a more prolonged positive trend. The huge news marked a significant step forward for the company and it managed to push the stock out of the double zero price ranges in just two sessions. Then a sharp correction followed that brought them back down again.
On Tuesday AEGY announced that the first authorized patients have started receiving their orders for medical marijuana products and the market reacted immediately resulting in a 20% surge and a close at $0.0089. During yesterday’s trading though sentiments changed dramatically and AEGY plunged downwards right from the start. It tried to recover on a couple of occasions but ultimately closed at $0.0073, its lowest point for the day.
Investors certainly have enough reasons to be cautious when dealing with the stock even though AEGY is bound to improve its financials at least somewhat when compared with the results for the quarter ending October 31,2013:
- $410 cash
- $10 410 total assets
- $2 million total current liabilities
- zero revenues
- $10 million accumulated deficit since inception
That however doesn’t change the fact that in just 5 months AEGY issued more than 1.8 billion shares bringing the total amount of outstanding shares to 2.6 billion. And apparently there is a lot more to come with their intention to increase the authorized amount to 5 billion.
For now the company remains quite a volatile play that can offer traders opportunities for quick gains. Even after the crash AEGY is still around 1400% above its price levels from the start of the year. Be sure to do your own due diligence and plan accordingly in order to minimize the potential losses.
Yesterday both Medical Marijuana, Inc. (OTCMKTS:MJNA) and Cannabis Science, Inc. (OTCMKTS:CBIS) were able to put an end to their downward momentum that spanned four consecutive sessions. MJNA recovered by close to 10% and returned to $0.28 per share while CBIS closed just 2.4% in the green at $0.17.