New Energy Technologies, Inc. (OTCMKTS:NENE) Breaches the $2 Barrier
New Energy Technologies, Inc. (OTCMKTS:NENE) is an OTC company that is trying to make it big with innovative see-through technology that would be capable of generating electricity after being applied to flexible plastic and glass surfaces.
On September 9 NENE announced that their inventions are the subject of 7 new patent filings, both for military and commercial aircraft and the safety of military pilots. The press release was filled with huge sums that are being spent on the maintainance of the government’s jets and the training of the pilots and this was enough to spark the interest of investors.
After reaching the border of the $2 mark on September 9 with a price of $1.99 the ticker managed to breach it in yesterday’s session. The gain wasn’t that big, but considering the high volume of the traded stock we can say that the session was a success for the company’s stock.
NENE gained 7.54%, while moving from $1.99 to $2.14 on a volume more than 3 times their average with a total of 184 thousand shares switching hands. The intraday chart shows us that the ticker started the day rather slow and made its biggest gains in price in the second half of the session.
Most of the trades happened after 03:00 PM and caused a drop in price, but the stock quickly regained its value and climbed to close the day at its high of $2.14 per share. The total trade value that was generated from these movements came at $379 thousand.
The company has a market cap of $51 million, so we reckon that you are interested in their financial situation. Below is a quick recap of the numbers of prime interest from their latest quarterly report covering the period ended May 31.
- cash: $715 thousand
- total assets: $903 thousand
- total current liabilities: $35 thousand
- revenue since inception: $0
- net loss: $583 thousand
Indeed, NENE have low liabilities, but it is still uncertain if the current amount of money they have will be sufficient for their operations until they start making some revenue. The net loss is quite big and what worries us is the fact that more than 80% from it went for selling, general and administrative costs, while only $115 for research and development.
This is why we advise you to do a lot of due diligence and weigh out the risks until any definitive news about their products come out.
On the other hand InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) didn’t fare that well in yesterday’s session, after the upward run they had. The ticker lost 23% from its value on a big volume that generated a trade value of $4.3 million.
The situation with NanoViricides, Inc. (OTCBB:NNVCD) was similar as they fell 27% in yesterday’s session.