First Mariner Bancorp (OTCBB:FMAR) Still Down After a Promising Run
First Mariner Bancorp (OTCBB:FMAR) are probably one of the biggest companies in the OTC Markets, whose stock has been going up the chart in the last 2 months.
It seems, however, that after the last time we covered them FMAR are experiencing some troubles as their stock has been going downhill since the moment that it almost reached the $3 mark. After the promising run of the last two months which didn’t go without difficulties it seems that they have finally reached a level at which their stock isn’t able to go any further.
In just two months it gained a whopping 212% even though there were times when it seemed like it was going nowhere, as well as trading sessions with big percentile movements in both directions one after the other which canceled out each other.
After the period in which FMAR‘s stock was going up and down, but remaining at an almost straight line came the big breaktrough for their stock as it started to go nowhere but up from the beginning of this month and remained doing so until June 19 when it started to crash. After their stock gained 40% in 19 days going from $1.65 to nearly reaching the $3 price per share it’s last peak was at $2.75 and since then they are going nowhere but down.
In just five sessions FMAR‘s stock price went 27% down to its current $2.02. Such percentile movement isn’t that big for an OTC stock especially when it’s not in one day, however, considering the price at which FMAR is being traded that’s quite a lot of pennies that were lost. Having in mind their financial state, however, we reckon that they may stay level for a while until there are further developments to attract investor interest. This is due of the fact that they have pretty solid financials even though their first quarter for this year didn’t go as their previous as they registered a $2.2 million net loss instead of making a profit.
For those of you who haven’t read our previous article on FMAR we will take a quick moment to get you acquainted with their financials as per their latest quarterly report covering the period ended March 31 with the numbers of prime interest listed below.
- cash: $273 million
- total assets: $1.3 billion
- total liabilities: $1.31 billion
- net loss: $2.2 million
As we stated in our previous article covering them they will most probably be able to pull it off, because of the cease and desist order imposed by the Federal Deposid Insurance Corp. (FDIC) from 2009 that was lifted in April this year starting the uprise of their stock. What most people seem to be forgetting, however, is that they have another one which is still active and for which action was required before June 2010. This means that if they don’t manage to comply with the order soon they might be facing bigger consequences.
Let’s not forget about the ill-fated company by the name of Eco Trade Corp (OTCMKTS:BOPT) who we warned you about on April 17, their last day of trading before being halted by the FINRA and whose stock right now is crawling on the floor of the charts. On the other side of things Invivo Therapeutics Holdings Corp (OTCBB:NVIV) seem to be starting today’s session good as they already climbed 7% up and are now being traded at $4.12.
