Puget Technologies, Inc. (OTCBB:PUGE) Returns to Sliding
Since we last checked on Puget Technologies, Inc. (OTCBB:PUGE) the company has continued to struggle against the inherent volatility of penny stocks – but for PUGE it seems to have been a mostly losing battle. Yesterday they shed 7% to close at $0.36 on a dollar volume of 491,000. Altogether a minor drop, yet one which shows that PRs from the company lose their effect no more than a day after they are released.
- $46 thousand in cash a/o January 31, 2014
- $103 thousand in current liabilities
- zero in quarterly revenues
- $172 thousand in quarterly net loss
A slide began then, continuing until a minor recovery around April 10 – when the world of pot stocks was shocked by Growlife Inc. (OTCMKTS:PHOT)’s suspension by the SEC. Likely many investors decided to seek profits in other sectors rather than to witness firsthand the ensuing collapse.
A fall came, however, spurred by the announcement on April 22 of PUGE‘s newly formed business division, “a service bureau to coordinate remote customer support.” While the company claimed this would help their 3D printer business, in the eyes of many investors this looked like something else entirely.
We remind you that back at the end of 2013, PUGE was a marijuana penny stock, before suddenly announcing a new subsidiary – one in the 3D printing business. Since then all the PR PUGE released had been about this. Mere days after the subsidiary formation though, the cannabis legalization hype exploded, making PUGE‘s change of sectors a severely mistimed one.
What’s more, before the switch, they had been targeted by pump promoters, just like in March this year. It may be that the company is changing courses again, even if they claim otherwise. Which is of course dangerous – especially in light of PUGE‘s financials.
Now, PUGE seems to be beginning a sort of rollercoaster trip, and investors should keep this in mind. After reaching their all-time lowest point on April 29, the company has bounced back, but just to decline again. Apparently no amount of forward looking statements can change the course of price momentum.
For now, it may be best for investors to do their own due diligence and remain vigilant, lest they be caught in another swing.
