New Energy Technologies, Inc. (OTCMKTS:NENE) Surges Through $3 per Share
The developer of next generation alternative and renewable energy New Energy Technologies, Inc (OTCMKTS:NENE) has been making a rather impressive climb up the stock chart. For the last 8 sessions the stock has been constantly going upwards without even one close in the red. Starting from $2 per share in mid-October they closed at $3.08 after yesterday’s session.
The company has not been at such price levels ever since early 2012. Despite reaching such rather steep heights interest in the stock has remained strong and investors managed to shift more than 400 thousand shares, or 4 times the average for the company, resulting in a total trade value of $1.24 million.
When pennystocks start displaying such a positive performance it is oftentimes a sign that they are being actively touted and are pushed up by all the artificial hype, but this time this is not the case. NENE was last featured in an email alert way back in January 2011 with no monetary compensation disclosed by the newsletter.
The current optimism in the company was sparked by their announcement made on October 29. According to it the unveiling of their SolarWindowTM working prototype should take place within the upcoming calendar quarter, 2014. Additional details such as venue, dates and additional information about the technology should be announced before the end of the year. Their product is a see-through coating that is capable of generating electricity after being sprayed on glass or flexible plastics.
Last month they were able to further strengthen their balance sheet by entering into a $3 million loan agreement with Kalen Capital Corporation, a private corporation that owns 10% of NENE‘s common stock. Even without this influx of funds their balance sheet was not that discouraging for a development stage company finishing the quarter ending May 31 with:
- $715 thousand cash
- $888 thousand total current assets
- $35 thousand total current liabilities
- Zero revenues
- $583 thousand net loss
The momentum behind the stock may push it to even greater heights but investors might decided that the time to take profits has come. The numbers revealed by the annual report that should be filed soon may also affect the stock performance if they don’t meet the expectations of the market.
The medical company diaDexus, Inc. (OTCMKTS:DDXS) managed to recover some of the positions it lost after the disastrous Tuesday session. They are now closing in on the $1 mark and time will tell if the ticker is capable of returning to prices of above $1.70. Nevada Gold Corp. (OTCBB:NVGC) on the other hand plummeted by 30% to arrive at $0.24 per share. NVGC is going to be the target of a $800 thousand pump campaign according to the email alerts sent by Penny Stock Profitz and Stock Castle in the afternoon yesterday.