Growlife, Inc. (OTCBB:PHOT) Jumping On High Volume
After Growlife, Inc. (OTCBB:PHOT)’s rise in the beginning of February this year the stock has been gathering momentum in a downward direction and it seems like they are headed for rock bottom. Friday’s trade session, however, was one of the few “good” ones the company had as they moved up in price on a high volume of traded stock.
It seems that the promising press releases that were aiding the recent pump have done their job as the stock of PHOT jumped 14% in Friday’s trade session. The ticker moved from $0.0305 to $0.035 on a volume that went beyond its average of 8.3 million shares with a total of 12 million that switched hands in the end of the day. That helped generate a trade value of $408 thousand for the day, a decent ending for the week.
There wasn’t that much interest in PHOT, but it seems that the 8-K from Friday about the Revolving Promissory Note with W-Net Fund I, L.P made it’s mark. The fund itself has a decent portfolio of companies that it has been aiding among which the names of AtheroNova Inc. (OTCMKTS:AHRO), Digipath Inc. (OTCBB:DIGP) and ComF5 International Inc. (OTCMKTS:CMFV) can be found.
Among the other press releases the news of a collaboration agreement with Fusion Pharm, Inc. (OTCMKTS:FSPM) also stood out and worked well for FSPM‘s stock, as they jumped 40% in Friday’s session on a volume that was more than 20 times their average of 29 thousand with a total of 628 thousand traded shares and a trade value of $153 thousand.
Of course, there is the constant stream of promotional emails that are at this time being sent by Speculating Stocks, after Stock Guru was in charge of PHOT‘s pumps until January this year. However, it seems that these emails aren’t doing much and the price keeps going down despite them.
Considering PHOT‘s movement through the chart you might consider a short-term bet, but before doing so be sure to do your due diligence and weigh out all the risks. After all this might be just the next rise in price for PHOT that is usually followed by a long period of decline.