The 2 Day Promotion of American Graphite Technologies Inc (OTCBB:AGIN)
American Graphite Technologies Inc (OTCBB:AGIN) is an OTC Markets company that has it’s eyes set upon both mining projects and technologies all centered on the production and use of graphite. They are having a hard time directing their stock’s price in an upward direction lately as you can see by the charts and some insiders are using tricky techniques to boost investor interest and confidence.
Last week AGIN‘s stock was touted by several paid promoters on June 25 and June 26, obviously in a preparation for the huge dumping that was ahead. The pump helped generate investor awareness and the dumping took place on June 26 and June 28 when 1.7 million and 1.6 million shares respectively changed hands which is quite a lot considering the company’s average of 330 thousand.
The upward spike in volume in term generated some price movement which is something new as AGIN‘s stock didn’t see any percentile movements of over 5% for a month. The movement unfortunately wasn’t in an upward direction and their stock fell a total of 12% in the last day’s of last week as it went from $0.5799 to $0.512.
Today’s trade session isn’t going very well price-wise as the dumping fiasco continues with full power. AGIN opened the trade session higher than their Friday close of $0.512 at $0.529, however, under the pressure of the massive dumping it is now at $0.5101 and may very well go lower if the trading doesn’t slow down. It hasn’t been 2 hours since the market opened and the total volume of traded stock is way ahead of their average coming at a total of 800 thousand traded shares with a total value of $415 thousand.
This was predictable due to the fact that the latest press release came minutes before the market opened and it was about a receipt of abstract for a printing project from the Kharkiv Insitute of Physics & Technologies that the company has received. We have yet to see it, (if we do see it at all) but if they say so we will believe them. What we do know are their financials and we will share with you the numbers of prime interest from their latest quarterly report covering the period ended March 31.
- cash: $131 thousand
- current assets: $230 thousand
- total liabilities: $5,129
- revenue since inception: $0
- net loss: $193 thousand
They have a decent amount of cash on hands and are standing out from the other OTC Market companies with their low liabilities. However, when will they start making revenues? It’s all for the future to say, but be sure to do your due diligence and weigh out all the risks for yourselves before jumping on their train which so far is headed South.
Meanwhile Tungsten Corp (OTCMKTS:TUNG) and Invivo Therapeutics Holdings Corp (OTCBB:NVIV)’s stock is also having a hard time as they are sliding down the charts.
