The mysterious up move of Joymain International Development Gp Inc (OTCBB:JIDG) on the chart faced some severe roadblocks in last few trading sessions. The stock surged more than 350% in the second week of May and from thereon has been trading almost flat with no major movement either ways. The movement on the charts in past one month has nothing if not spectacular.
The momentum
The no momentum in the stock can be assigned to lack of new official disclosures and Press Releases from quite some time. The lack of positive news has prevented the stock to post any spectacular gains in rest of the May and to date in June. However, the stock broke the long silence and jumped more than 49% in yesterday’s trading session. The stock closed with massive gains at $3.44.The gains came at a share volume of 97,411 compared to average share volume of 143,030. The volume was fairly on lower side, which indicates that the sharp up move can lose its steam in coming trading sessions.
The performance
The biggest drawback that is associated with the company is there is no official website or a social media profile of the company. The search attempts to find a simple thing like a corporate logo proved to be useless. However, the company is current with its filings. As per the latest financial report for the quarter ended January 2015, Joymain International reported cash of $733,000. The current liabilities came at $93,000. The revenue in quarter was $1.37 million while net loss was $13 million. The company holds ‘current status’ but the financials are not good enough to encourage traders to buy company’s stock.
As of now Joymain International Development Gp Inc (OTCBB:JIDG) commands a market cap of over $3.85 billion compared to $3 billion in the early May. It is the market capitalization of same company that released 163.9 million common shares to 34 development partners and distributors in early 2015, at price of $0.08.
