Medical Marijuana, Inc. (PINK:MJNA) Closes Up Again
Yesterday Medical Marijuana, Inc. (PINK:MJNA) continued its methodical climb up the stock charts. Nearly 20 million MJNA shares changed hands and the price rose relatively steadily through the day to reach $0.46 at the closing bell.
The stock’s daily share volume is slowly decreasing from the previous couple of sessions but MJNA still clocked a spot among the three most heavily traded penny stocks for the day. The hourly price movement once again had no drastic spikes and dips, which is generally a good thing. However, MJNA is sitting at what may be its resistance level, so to speak.
Even if it’s not entirely appropriate to look at technicals with a pink sheet penny stock that is at least partly trading on sector hype, MJNA may have a hard time moving further up. Long investors will probably be hoping that others don’t decide to cash in on what they perceive as a ceiling for the company and bring the stock back down.
All things considered, MJNA‘s Q4 report published last Friday seems to have helped the stock a lot. Even though the report was relatively sparse and lacking additional details on some of the events described in it, it listed some sizable numbers as both gross and net income. MJNA reported the following:
- $1.4 million in cash
- $84 thousand in liabilities
- $5.19 million gross income
- $3.23 million net income
Optimism is a spirit best prescribed with moderation. MJNA stated their intentions to uplist from pink sheets to full OTC reporting status but this process will take a while. Their first audited quarterly seems to have given investors confidence and the stock price – momentum. With MJNA perched right where it crashed during its previous run, things are hanging in a delicate balance.
Other marijuana stocks took off in double-digits as well, outpacing MJNA‘s percentile movement. Growlife, Inc. (PINK:PHOT) and GreenGro Technologies, Inc. (PINK:GRNH) closed respectively 23% and 28% up. Such price surges are always exciting but rarely healthy, as MJNA‘s early February streak showed.
