8000 inc (EIGH.PK) stock price rose by 20.65% closing the session at $0.374. The number of traded shares reached 1.620 million, which is close to its average value.
The company was promoted on a large scale starting on Sept. 13 and again on 23,24, and 27. As a result, the stock price went through the ceiling in the course of just two weeks. Since the beginning of the promotions, EIGH stock price has risen by about 148%. The culmination took place on Sept. 20, when the company’s Board of Directors announced that the current projected annual revenue for the Group was to exceed $10 million. That day the price pushed forward and reached its highest value so far.
On Sept. 16 the company announced that it would distribute 30% of its retained profits as a shareholder cash dividend. The investors seem to have rejoiced at the news, which pushed EIGH stock prices up by 12%.
The financial report published on the company’s site shows some very optimistic figures. However, the report hasn’t been filed with SEC, so the numbers included in it cannot be fully trusted. The company has achieved a net profit of over $246 thousand for the second quarter of this year. Its current assets exceed the value of current liabilities by around $540 thousand.
The idyllic picture drawn by EIGH.pk would have been perfect if there had been SEC reports. Then and only then, it would have been crystal clear what part of the price surge is due to promotions.
