Primco Management Inc (OTCBB:PMCM) Trying To Make Up For Lost Value
The stock of Primco Management Inc (OTCBB:PMCM) is probably one of the hottest ones in the OTC Markets right now. The trading boom for PMCM‘s stock even attracted some unwanted attention from pumpers and that might be the reason for the big drop in price that their stock experienced in Monday’s trade session.
PMCM‘s stock fell 46% in Monday on a high volume of over 165 million traded shares, which was a big disappointment for those who invested in the stock. Losing nearly half of its price the stock was again submerged below the 1 cent mark and is currently trading in the double zeros.
Yesterday, however, was a day of new hope for investors that put their money in PMCM. It seems that the insiders who were dumping stock have decided to take it easy and try not to crush the price further as there was little trading. The day started with little trades compared to the big dumping that was seen in the previous 2 trade session and quieted down even more when PMCM‘s stock reached its low for the day of $0.0051 in the early minutes.
The price started to go up afterwards and reached its high of $0.0088 by mid-day when trading was at its peak, continuing to move without any big big changes in price. After the peak in price and volume in mid-day the stock slid a bit lower and closed the day at $0.0077. The volume wasn’t low considering PMCM‘s average of 21 million, with a total of 85 million shares that switched hands during the day, making the total trade value come at $604 thousand. Trading was big considering their usual sessions, but it was still dwarfed by the previous 2 in which more than 350 million shares were tradied, generating above $2.5 million trade value for both days.
At first glimpse the company has a strong leading team with David Michery as CEO and President and the business nomad Alan Bailey who has a long employment history taking leading positions in over 20 companies. One would think that a man with the history of David Michery is going to be very skilled in running the company.
After all he has a big collection of gold and platinum records on which the press was focused, when he was appointed. What didn’t find its place in the press releases, however, was his history as CEO for the Seven Arts Music Inc., a subsidiary of Seven Arts Entertainment Inc (OTCMKTS:SAPX). He was appointed a CEO of the above mentioned subsidiary in June, 2012. The stock of the company didn’t fair well afterwards and as you can see from the charts it is currently 94% down from the time when he was appointed reaching its current price of $0.0034.
Meanwhile, yesterday went bad for another one of the companies from the recent big winner bandwagon. We are speaking of Deltathree, Inc. (OTCMKTS:DDDC) who fell 30% and closed the day with a price of $0.105 per share. The market these days is full of companies that are jumping like crazy making percentile movements as big as 500%. This is why we recommend that you do your due diligence and weigh out all the risks before deciding to invest in any hot penny stock.
