Green Automotive Co. (OTCMKTS:GACR) Switches Direction
The stock of Green Automotive Co. (OTCMKTS:GACR) has been having a rough time since it began sliding heavily in a downward direction in the end of December. Since then, they have had no more than 2 sessions in the green and have dropped a total of 81% in price.
Most recently, we saw a paid promotional campaign from several outlets, that started on January 26. The pumpers were compensated between $5 thousand and $6 thousand for their efforts, but the pump managed to boost only the volume of traded stock.
Then, on January 29, Stock Mister stepped in for a $50 thousand compensation and things got more intens. The volumes increased the very same day, but the price continued its descent. The following sessions, however, were a different thing, as GACR began to rise.
But then, it all had to come to an end yesterday. Even though the company issued an optimistic press release right as the market was opening the ticker slid violently in the first minutes of the session and lost 26% of its value. The volume was above average and produced a decent $426 thousand in trade value.
Somehow, we think that GACR can go even lower considering its market cap is $23.9 million. We get this feeling by looking at their financial report for the period ended September 30, 2013.
- cash: $62 thousand
- current assets: $855 thousand
- total assets: $2.3 million
- current liabilities: $52.7 million
- total liabilities: $53.3 million
- revenues: $1 million
- net loss: $25.4 million
The situation doesn’t look rosy at all and it doesn’t seem that it will get better with time. In fact, the financial state of the company is getting worse with every report and it seems that GACR isn’t exactly headed to a bright future.
Having that in mind, we would advise you to do a lot of due diligence and weigh out the risks before making an investment decision, even if you want to make a speculative play with GACR.
Plandai Biotechnology, Inc. (OTCMKTS:PLPL) also had a bad session yesterday and slid another 20% down on a heavy volume. IMD Companies, Inc. (OTCMKTS:ICBU) on the other hand exploded with a massive 165% gain in price.
