Virtual Piggy, Inc. (OTCBB:VPIG) Approaches Previous Levels
Wednesday marked another good session for Virtual Piggy, Inc. (OTCBB:VPIG) and the ticker regained some more ground, closing 6% up at exactly $1.20 per share. Volume remained heavy and was comparable to the previous, much bigger green session.
After a couple of articles targeting VPIG were published late last week, the stock was destroyed on Monday and lost nearly half of its price. The pieces in question levied some serious accusations against the company and the people who run it, with collateral accusations to third parties as well. With the two articles throwing allegations about borderline or outright criminal activities and not providing a whole lot of proof to back it up, both of them have been taken down – one currently inaccesisble and the other still taken down for a supposed review, hardly to be put up ever again.
Stock manipulation is not exactly legal and the VPIG situation looked an awful lot like someone trying to slam the company and its business and squeeze a profit from shorting the stock. VPIG came out with an official statement that they were well aware that some of the articles’ authors did indeed have a short position in the company, so there’s no big mystery there.
To the joy of long shareholders, the ticker bounced up nicely after being pressed down under $1 and the stock added 35 cents to its share price in just two sessions. It seems VPIG can hold its own but that doesn’t mean it’s all sunshine, lollipops and rainbows for the company either. Despite reports of increasing the numbers of their partners and a press release from yesterday morning that the company hit half a million users of their ‘family wallet’, the latest report shows a somewhat worrying shortage of revenues. Hopefully the next report will show VPIG‘s ability to monetize on its growth because despite having a comfortable amount of cash, the business will need to turn profitable.
Other big movers yesterday include Alkaline Water Company, Inc. (OTCBB:WTER) who managed to claw their way to a 19.8% green close late in the session. The latest Awesome Penny Stocks pump job – Pacific Clean Water Technoligies, Inc. (OTCMKTS:PCWT), performed far below the expectations of promoters and closed just 2% up, on heavily faded volume.