Orbital Tracking Corp (OTCBB:TRKK) Stabilizes
This year was rather devastating for the stock of Orbital Tracking Corp (OTCBB:TRKK) and we saw the ticker slide below the 10 cent per share mark last month, after a long slide that cost it more than 90% of the value that it had in the beginning of the year.
The company stock rarely received a lot of investor attention, despite the fact that it was doing fairly decent when it comes to its financial state. A quick look at some of the numbers of prime interest contained in the report for the first quarter of this year reveals TRKK’s financial situation.
- cash: $391 thousand
- current assets: $1.44 million
- current liabilities: $852 thousand
- net sales: $1.3 million
- net income: $60 thousand
Although the net income that TRKK has recorded is rather small it is still a rare thing to see in the balance sheet of a pennystock. The cash reserves are fairly decent and the company has managed to keep its liabilities in check.
This is why it was no surprise that the Q1 report caused massive investor euphoria after it was filed and we saw TRKK record massive gains on volumes that the ticker has never seen before. Unfortunately, the company stock corrected in the second half of last week and managed to lose a lot of the value it had gained.
TRKK only managed to stabilize in Friday after it gained 14.68% and finished the week at $0.125. We saw a total of 1.75 million shares change their owners, which managed to generate $224 thousand in daily dollar volume at those prices.
The company stock is still going up in early trading this week. It has already gained 9.35% and is trading at $0.13669 per share. The reason is most probably the optimistic PR from earlier today. Still, be sure to do your due diligence and weigh out all the risks before putting any money on the line.
