EKSO BIONICS HOLDING (OTCBB:EKSO) Takes a Breather
After Ekso Bionics Holdings Inc (OTCBB:EKSO) shifted its heaviest daily volume for the last couple of months and shot up 16% on Wednesday, the last market session brought swift correction. EKSO backpedaled down the chart 9%, stopping at $1.18 per share by the closing bell.
The company came up with a news release, informing EKSO “established” new headquarters in Europe, located in the city of Freiburg, Germany. The move was highlighted as a step towards EKSO strengthening its foothold in the EMEA region. The market was seemingly not enthused by the news even though it hit the wire near the opening bell.
The company published its latest quarterly report on November 9, but judging by the stock’s chart movement, the market’s primary reaction to that was indifference. Here is the brief version of what the report’s balance sheet looked like:
- $11.2 million in cash
- $8.2 million in current liabilities
- $2.9 million in Q3 revenues
- $5.1 million in Q3 net loss
The company managed to increase its revenues on a QoQ basis, primarily from stronger engineering services figures. The bottom line remained relatively similar, at over $5 million in net loss. EKSO has barely issued any shares compared against its previous reported quarter, so there is little to worry about when it comes to dilution.
The mysterious spike in investor attention that pushed EKSO up the chart on Wednesday may have been related to the renewed dissemination of a misleading article claiming Zacks upgraded its rating for EKSO to a “Hold”. This is still as untrue as it was yesterday, as we discussed in our previous article. Zacks currently still has a “Sell” rating on EKSO. The dissemination of false information has nothing to do with the company itself, of course, and is likely being conducted by a third party who will likely benefit from a price hike and increased volumes for EKSO.
