Eventure Interactive Inc (OTCBB:EVTI) Gets a Record-Breaking Volume Spike
Eventure Interactive Inc (OTCBB:EVTI) gained a modest 4% during yesterday’s session, but it did it on a dollar volume of more than $350 thousand which goes to show that it’s attracting quite a lot of attention. And that’s a bit strange considering the recent stock performance.
No more than eleven days ago, the ticker embarked on a red streak and ended up wiping out almost three quarters of its market cap in a matter of just four sessions. It dropped from $1.62 per share to just over $0.40 and although it’s been trying to bounce back up over the last few days, it’s still sitting way below the levels occupied just a week ago.
Nevertheless, the volume that we witnessed yesterday suggests that there are people who believe that EVTI can get back to its former glory. And that’s a bit strange as well because the latest 10-Q isn’t really confidence-inspiring. Here’s what the company had at the end of the second quarter:
- cash: $186 thousand
- current assets: $201 thousand
- current liabilities: $475 thousand
- NO revenue since inception
- quarterly net loss: $6.1 million
So, the 10-Q definitely isn’t exciting enough to cause much of a stir among investors and neither are the press releases. In fact, the latest announcement to come out of the company headquarters is now almost a month old and it informed us that a certain Jason Harvey is joining the management team. Although Mr. Harvey used to work for Google Inc (NASDAQ:GOOGL), the announcement of his appointment failed to result in any sort of interest from investors back then.
But if it wasn’t the financials and if it wasn’t the press releases, then what was it that caused yesterday’s massive trading volume?
The answer can be found through this link. It will lead you to our database and in there, you’ll see that EVTI is currently sitting on the receiving end of a paid promotion. The campaign started on Sunday, the budget appears to be hovering around $55 thousand, and the number of newsletters taking part is quite big. But is this a good thing or a bad thing?
The Lotto Pick, one of the outfits touting EVTI said on Sunday that the ticker could be their “most explosive alert ever”. Obviously, 4% in gains isn’t really “explosive” and this, we reckon, should give you an idea of how credible the promoters’ claims are.
Nevertheless, if the pump continues, we might just see the stock register some more green sessions and if you time your trades well, you could (theoretically) be able to make some money. Bear in mind, however, that you might not be the only one waiting to cash in.
After the end of the second quarter, EVTI signed an asset purchase agreement with an entity called Kodiak Capital Group LLC according to which the company will sell to Kodiak shares of common stock at a 20% discount from the market price. The agreement should strengthen the balance sheet a little bit, but at the same time, it might mean that Kodiak have a lot of shares to sell. And if you’ve been around penny stocks for long enough, you’d know what could happen if a large amount of shares hits the open market.