Plandai Biotechnology Inc. (OTCMKTS:PLPL) Bounces Back Up On Pumps
Plandai Biotechnology Inc. (OTCMKTS:PLPL) managed a 11.9% lunge yesterday, when it shot up thanks to the paid effort of a multitude of promoters.
Although it is a relatively new player on this particular market, PLPL is certainly one of the more actively traded marijuana stocks. Lately the company had lost a significant part of its market value as a direct result of the poor figures in its latest financial report. Indeed, nine out of the ten market sessions since the report hit the wire have taken PLPL seriously in the red. And with good reason – the 10-Q covering the period ended Dec. 31, 2013 contained some disconcerting figures:
- Cash – $ 131 thousand
- Total Current Liabilities – $2.6 million
- Revenues – $13 thousand
- Quarterly Net Loss – $ 3.3 million
Now, after the long crash, PLPL seems to be bouncing back, propelled up by multiple paid pumps. Yesterday potential investors were bombarded with no less than ten promotional e-mails full of superlatives regarding PLPL. The rather extensive paid pump campaign was carried out by infamous stock promoters, such as StockMister, WallstreetSurfers and DamnGoodPennyPicks, and appears to have done a good job pushing the ticker up the charts. Whether or not the company will manage to keep its upward momentum from now on is another matter entirely.
Traders are advised to do proper due diligence, not to rush blindly into risky investments, and most of all – not to trust everything that lands in their inbox.
Most companies in the marijuana branch remained relatively stable yesterday. Tranzbyte Corp. (OTCMKTS:ERBB) and Creative Edge Nutrition Inc. (OTCMKTS:FITX) both managed to rise, but their upward movements were rather insignificant when compared to their Tuesday jumps.
