Joymain International Development Gp Inc (OTCBB:JIDG) is not exactly a highly traded stock on the Over the counter platform. It hardly fetches the attention of investors as it trades with low volume. Recently JIDG stock has been a matter of interest among investors as it successfully surged to touch mark of $0.70 per share from $0.25 in last few trading sessions. After the sharp move, the stock declined for two consecutive sessions and was sitting around $0.40. The decline can be termed as a short-term consolidation on basis of technical parameter as again it up and posted gains of over75%.
The momentum
Last few weeks have been outstandingly strong for the company. Last Thursday, Joymain stock recorded gains of nearly 19% on dollar volume of close to $300,000. In addition to sharp move, the volume is also catching eye of investors as the company is said to be connected with grave liquidity issues. With some ups and downs, the company seems to be moving north and posting strong gains compared to other OTC peers.
The buzz
The reasons for strong gains in Joymain stock are not evident. The company didn’t release any PRs, or updated about their operations. Even there were no promotional pumps to push the prices higher. The latest quarterly report also doesn’t have anything significant that could support such sharp gains. As per the report, the company had cash of $734,000 and $1.2 million as the current assets. The current liabilities stood at $94,000 while the quarterly revenue was $1.3 million. Joymain reported net loss of $13 million. The financials are certainly not supportive of strong run.
In last trading session, the stock price of JIDG declined more than 13% to close the trading session at $1.82. The decline came at a share volume of 200,877 compared to average share volume of 108,347.
