MassRoots Inc (OTCMKTS:MSRT) Extends Climb
On Friday MassRoots Inc (OTCMKTS:MSRT) enjoyed another supernova burst of volume and price action, extending a green streak that nearly doubled its share price within six sessions. By the closing bell MSRT was perched at $2.04 per share, heavily overbought on volume of over 1 million shares traded.
Just a few days ago MSRT was having a hard time shifting even 10,000 shares in a single session. The announcement that the company generated $25,000 in revenues within just 10 days when it started “aggressively monetizing” its platform managed to momentarily prop MSRT into heavier volume but price action was nowhere as wild as it has been over the last few days.
The trigger was another PR bomb the company dropped on the last day of August. MSRT informed that it had applied for an uplisting to the NASDAQ. Slapping the name of the NASDAQ in your PR always has a predictable effect on stock price and MSRT‘s case was no different. Volume on the day of the announcement increased nearly tenfold against the previous session and the big climb began.
The press release never stated that MSRT covers all bases required to uplist, and indeed it does not, but some may have assumed that it’s all set in stone, which in turn may explain the excited buying spree and Tuesday’s volume. Here is what MSRT had to show in its latest quarterly report covering the three months ended June 2015:
- $171 thousand in cash
- $481 thousand in current liabilities
- $2.1 thousand in quarterly revenues
- $1.5 million in quarterly net loss
It seems CEO Isaac Dietrich’s own admission in an early 2015 interview that MSRT is “not here to make money or conquer an industry” is not far from the truth because so far the company is mostly bleeding money and not really making much.
It will be refreshing to see how MSRT‘s aggressive monetization pans out over a longer period of time, reflected in the next due quarterly report. Until then, a more level-headed approach may yield better results.
