Earlier in June the stock price of Axiom Corp (OTCMKTS:AXMM) posted eight green consecutive sessions following which it surged from lows of $0.14 to make a high of $0.47. The stock momentum was impressive but then again as is the case with OTC stocks, the uptrend was short lived.
The buzz
The short term uptrend in Axiom stock was driven by a new paid pump, designed by an outfit called AXMM Stock Report. It has designed a landing page dedicated to generate as much artificial hype as possible. There is a disclaimer at the landing page which discloses that OSLO Holdings LTD have paid $200,000as compensation amount for a two month promotional campaign.
It is not the first time OSLO is sponsoring a promotional campaign for the stock. Just a few months ago they paid outfit Investor Edge to tout the company. During that period also, the stock price of Axiom surged to as high as $1.87 per share. After hitting those levels, the stock price got devastated and plunged down to nearly 30 cents in just six trading sessions.
The performance
At the end of March, the company had $137,000 in cash, $235,000 in total current assets and $480,000 in current liabilities. The net loss was $384,000 and revenue came at $11,301.
The latest attempt to inflate the stock price of Axiom appears to have lost its direction. For the last couple of trading sessions, the stock has been plunging on the charts. It eroded 11.3% of its total value on Tuesday’s trading session.
Yesterday’s session was no better as Axiom Corp (OTCMKTS:AXMM) declined more than 24%to close the trading session at $0.250. The decline came at a share volume of 971,988 compared to average share volume of 258,473. The decline continues in today’s trading session as the stock is trading with loss of over 25% till writing this article. Even at this level the market cap of Axiom is over $11 million. Considering the latest financial results, it just doesn’t looks sustainable.
