Rainbow Coral Corp (OTCMKTS:RBCC) Keeps Descending
[[tagnumber 0]][[tagnumber 1]]Lately we have seen quite a lot of volatility from Rainbow Coral Corp (OTCMKTS:RBCC)’s stock that has been going up and down the charts in increased volumes. After climbing above the $6 per share mark in the second half of last month we saw the ticker crash violently before embarking on another climb in mid–August.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Unfortunately, the upward run was halted at $2.5 per share and we saw [[tagnumber 6]]RBCC[[tagnumber 7]] crash down the charts once again. This was expected due to the overly inflated market cap of the company stock and the horrible numbers that we got to see in the financial report covering the second quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $2,740[[tagnumber 13]] [[tagnumber 12]]current assets: $4,524[[tagnumber 13]] [[tagnumber 12]]current liabilities: $517,798[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $27,683[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $136,929[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the fact that the company kept on issuing fluff PR releases suggesting that the company is involved in the pharmaceutical industry, while its revenues are solely generated by an aquarium supplies retail store, we saw the ticker lose altitude very fast with the beginning of this week.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]After recording a 11.33% loss in Monday we saw [[tagnumber 6]]RBCC[[tagnumber 7]] drop a further 17.85% in yesterday’s session, closing at $1.47. A total of 154 thousand traded shares generated $253 thousand in daily dollar volume at those prices and the intense trading shows that more and more people were eager to get out before incurring further losses.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Today’s session is a bit more stable and [[tagnumber 6]]RBCC[[tagnumber 7]] has nested at the $1.60 per share mark, but the market cap remains quite big when you take the fundamentals of the company into account.[[tagnumber 2]]
