Surna Inc (OTCMKTS:SRNA) Regains Ground
The recent few weeks have been quite a roller coaster for Surna Inc (OTCMKTS:SRNA) shareholders. Coming out of the long weekend, the stock made a significant green push and managed another double-digit green close yesterday. SRNA stopped another 14% up, at $0.162 per share.
Just a few days ago Surna was locked in a free fall, dropping like a stone after becoming heavily overbought during its mid-August run. The wild swings charted over the last six weeks gave aggressive short-term traders plenty of opportunities to make a quick buck as the stock moved in either direction.
Those fond of technical analysis may note SRNA managed to step on the brakes as it was dropping just at its 50-day moving average and now its upwards swing was cut short at the 200-day MA. Whether the stock remain locked and undulate between those two values remains to be seen.
It’s admirable that Surna managed this impressive push up. Even though the company lost a lot of appeal when superstar CEO Tom Bollich of Zynga fame left, it seems SRNA is still plodding along in the right direction, even if it’s a laborious and slow push. Here is what the company had to show on its books as of its report for the second quarter:
- $145 thousand in cash
- $3.3 million in current liabilities
- $1.67 million in Q2 revenues
- $976 thousand in Q2 net loss
Revenues have nearly doubled QoQ and have increased nearly fivefold on a year-over-year basis. The company is still losing money but if this rate of growing revenues is maintained, SRNA might be looking at modest profit some time in 2016.
Among Surna’s most recent filings there are two statements of changes in beneficial ownership of shares. One is a Form 4, detailing a couple of transactions dating back to May 2015, with shares sold from a shared account held by Brandy and Stephen Keen, as well as an August two-part gift of 100,000 shares.
