Why Is Precision Optics Corporation Inc. (OTCMKTS:PEYE) Down?
Precision Optics Corporation Inc. (OTCMKTS:PEYE) had seen very little activity in the last six or so months, before dropping 12.00% on a heavy volume yesterday. What gives?
While this crash was certainly not the scariest movement that the ticker has experienced in recent months, or even in recent days, this time around, more than a millions hares of the company’s common stock changed hands before the final bell arrested PEYE‘s descent.
What’s odd about this particular crash is that there doesn’t seem to be an obvious reason behind it at all.
Looking at the numbers, one would think that PEYE investors were given some horrible news before the beginning of yesterday’s session, or that a pump targeting the ticker failed miserably. Well, there is no pump, and the news that PEYE published yesterday can be called irrelevant at worst.
There are no new filings on the company’s OTC Markets profile, either, and although PEYE‘s results to date are not really impressive, they are not really a new development, nor are they really horrible enough to make investors flinch from the ticker en-masse:
- Cash – $111 thousand
- Total Current Assets – $1.6 million
- Total Current Liabilities – $1.3 million
- Revenues – $858 thousand
- Net Loss – $381 thousand
While the report, and by extent – the company, is certainly not without faults, there doesn’t seem to be anything catastrophically wrong with it. So why is the ticker crashing?
It is difficult to tell. Maybe someone is cashing in all those convertible notes issued more than 5 years ago, when the company was still pulling share structure shenanigans. Or maybe it is just a random burst of OTC Markets volatility.
Stranger things have happened on the OTC Markets over the years, and they will probably continue to happen in the future as well. Let the buyer be ware.
