COASTAL INTGRTD SVCS (OTCMKTS:COLV) Wipes A Third Of Its Value
In our last article we asked the question – “Will COASTAL INTGRTD SVCS (OTCMKTS:COLV) stop crashing?” Well, if yesterday’s trading is anything to go by the answer is a resounding “No”. In a single session the stock of the company managed to obliterate 34% of its price dropping down to $0.0565 by the time of the closing bell, a price just a nudge above the low of the day of $0.056.
Currently COLV is sitting nearly 50% below the pre-pump price of $0.10 and the StockTips pump might be coming to an end. Yesterday the fictional co-editor of the pump outfit Mr. Mike Statler sent another email alert stating that he is “super confident” in COLV’s ability to “go SUPER GREEN”. It seems that Mr. Statler couldn’t have been further from the truth.
All those who believed the words of the pumper may now find themselves scrambling to recover their losses. And as we’ve discussed stocks that have been targeted by StockTips usually wipe over 90% of their value in the aftermath of the pump. Will COLV have a different fate?
Without the artificial hype created by StockTips the company simply cannot justify its market cap that even after the severe drop is over $19 million. The latest financial report filed by COLV showed that they finished the first quarter of the year with:
• $794 cash and total assets !!!
• $256 thousand total current liabilities
• ZERO revenue
• $19 thousand net loss
Apart from these dreadful numbers interest in COLV could quickly dissipate and the stock could lapse back into being incredibly illiquid. Prior to the promotion the ticker saw minimal trading at best with quite a few sessions actually closing without a single traded share. This could mean that some of the investors that got lured in by StockTips and who failed to cash in their shares could get stuck in the ticker.
On the other hand the people who last year received 52 million shares as a conversion of debt at $0.001 each could have already bagged millions of dollars thanks to the interest generated by the pump. And they could continue to reap massive profits if they dump more shares on the market.