Mimvi Inc. (OTC:MIMV) Going Up on Pumps

The stock of Mimvi Inc. (OTC:MIMV) has been going up in the last 2 days aided by paid pumps. It jumped on considerable volume in the last two trade sessions.

The stock reached a price of $0.126 gaining approximately 10% over the price from April 29 on a volume of around 1 million. However, it didn’t manage to make up for the big drop it experienced on Monday.

Let us take a look at the most interesting numbers from their latest annual report covering the period ended December 31, 2012.

cash: $63 thousand
current liabilities: $1.3 million
revenue: $0
net loss: $5.5 million

The company’s business idea is good. We checked their website and it looks good, however, the internet is one tough market to compete in. Ideas for user friendly search engines, applications, and others are getting better and better. This might be the reason for the $0 revenue for 2012.

The stock, however, is still going on high volume and increasing price per share. Certainly there has been a lot of dumping during this pump effort which can be healthy for the company. This is if they decide to use the resources gathered in an appropriate way.

Still the stock is risky for investors with lesser experience. The ones who have been trading for a longer amount of time, however, can profit from the pump, no matter if the company is successful or not.

Be cautious when investing in penny stock’s and do your due diligence before hopping on MIMV‘s train. The stock might move in any direction.