Surna Inc (OTCMKTS:SRNA) Down a Quarter in Three Sessions
After another red streak, the share price of Surna Inc (OTCMKTS:SRNA) stopped at $0.112 ahead of the long weekend. On Friday the stock closed another 8.8% down, to lose a total of 25% within the span of 3 market sessions.
A bit of positive PR and a quarterly report put up on Aug 14 helped Surna drag itself out of the price levels it got stuck at earlier, lingering well below a dime per share. Here is the brief summary of the quarterly’s balance sheet that got investors so excited:
- $145 thousand in cash
- $3.3 million in current liabilities
- $1.6 million in quarterly revenues
- $976 thousand in quarterly net loss
Revenues have grown impressively from the $870 thousand in Q1, while cash has been cut down in half. Thankfully, the growth in revenues led to a tighter bottom line. Even though SRNA logged net loss in Q2, this figure improved from $1.4 million to just $0.9 million on a QoQ basis.
Outstanding shares have not bloated by much over the last quarter, going from 122 million in mid-May to 130 million in mid-August. The combination of those factors gave SRNA a much-needed boost after an abysmal months-long streak that shaves roughly 66% off the company’s share price.
The green push was probably a bit too quick for the company’s own good, as there seem to have been enough investors disilusioned with SRNA‘s past performance to sell hard into the price spike, slicing 50% from the stock’s newfound highs.