After suffering through a period of 6 sessions in a row of constant losses the stock of MyECheck, Inc. (OTCMKTS:MYEC) is once again climbing up the chart by leaps and bounds. Yesterday it surged upwards by more than 45% and at the time of the closing bell was sitting at $0.069 per share. The intraday high was not that far away at $0.073, which is also the new 52-week high for MYEC.
The 36 million traded shares are not the biggest number seen by the company but the resulting dollar value of $2.28 million was a record. In the three sessions since the start of the week the stock has more than doubled its share price of $0.03 held at Monday’s opening.
The positive trend has not been facilitated by any new PRs issued by the company. The last official announcement came on March 19 and it revealed that the G-Pay application used for government-to-government payments has been launched. The previously announced MJ-Pay application developed by Green Pay LLC. through a license agreement with MYEC
is slated to launch in 48 days according to the official website.
The company decided to further expand its connection with the marijuana industry and on March 17 a letter of intent was signed with Itonis, Inc. (OTCMKTS:ITNS
) for another software license agreement.
The PRs certainly paint a rather optimistic picture but for now we have no way of knowing how much is MYEC
actually getting from the deals. Still, enthusiasm seems to be holding strong and the company has expressed desire to become a fully reporting company with the SEC and move out of the pinksheets.
should file its annual report for 2013 by the end of the month and if it shows that the fundamentals of the company are also moving in the same direction the stock might be able to sustain its current price gains. Until then it is for the best to use caution and do your own due diligence before committing to any trades.
Itonis, Inc. (OTCMKTS:ITNS
) are also having an eventful week. On Tuesday their stock exploded by adding 56% to its value and closing at $0.025 but such growth proved to be too much to support and it crashed back down on the very next day. ITNS
lost a quarter of its price and dropped to $0.019.