Minerco Resources Inc. (OTCMKTS:MINE) Falls Despite Insider Buying
Minerco Resources Inc. (OTCMKTS:MINE) stock fell 9.57% on Friday, despite the news of insider buying that hit the web on Thursday.
Usually, the news that the company’s director has acquired 1.5 million shares of its common stock at current market prices through a private placement is reassuring, to say the least. Sadly, even this news could not halt MINE‘s present headlong tumble.
MINE‘s fall was caused by the terrible 10-Q that the company filed on June 23. It showed investors some pretty disappointing figures at a very sensitive moment, and the results are obvious. The company has been painting the charts red ever since the report hit the web.
The way things are going, MINE will need a real change of pace to get back on the investors’ good side. If it doesn’t show some real progress soon, it may be looking at a long and rough journey to the bottom of the charts. Presently, sub-penny land is just about the corner, and there’s no real way to tell how far the ticker can sink.