Green Automotive Company Corp. (OTCMKTS:GACR) Doubles in a Day
Yesterday the stock of Green Automotive Company Corp. (OTCMKTS:GACR) put on 22 cents and effectively more than doubled in price. GACR closed 109% up and stopped at $0.42 per share by the bell.
The ticker was trading in far smaller volumes over the last months. In fact GACR traded more shares yesterday that it had over all of September and October. The sudden move is somewhat difficult to explain.
Luckily, there are no stock pumps for GACR floating around and the ticker has never really been targeted by promoters in the past. In late September the company appointed a new CEO in the face of Mr. Ian Hobday who was formerly a director of GACR. Mr. Hobday previously appeared on Fox Business, explaining the company’s focus.
GACR‘s angle on electric vehicles is what the company calls “back to base” vehicles. Those include
ambulances, taxis, school and shuttle buses, garbage trucks, etc. – all vehicles that return to the same point every night and run a more or less fixed daily route.
In the Fox Business interview Mr. Hobday mentioned that an electric bus by the company will launch in November 2013 at a big bus show. Production for the buses was announced to be underway in a late August press release. This could be part of the reason why GACR hopped up yesterday, even though the company has not posted any new press releases or news on its website since late October.
Considering the width of the upward swing, traders are advised to be very careful and do their own due diligence, as such huge runs up are almost certain to correct and chasing stocks in general is not a brilliant idea.
Other companies that went through significant percentile changes include Pan Global Corp. (OTCMKTS:PGLO) who kept crashing after the pump that carried the ticker lost its footing. PGLO closed nearly 50% down, having lost about 65% in a matter of two sessions. Liquidmetal Technologies, Inc. (OTCBB:LQMT) gained a little over 14% after a sharp afternoon climb.