On Friday, Fortress Energy Inc. (TSE:FEI), (PINK:FEIFF) stock showed brilliant performance.
The diverse investor perception of the released by the company third quarter 2010 financial and operating results ended with a more than doubled share price and with nineteen average trading volumes turned over.
Though the announced by Fortress Energy Inc. consecutive losses, accumulated deficit of $152 million as of September 30, 2010 and doubts regarding the company’s ability to continue as a going concern, the shares spiked up on two markets.
On the Toronto Stock Exchange, FEI flew up by 56.25% between the sessions, closing at $0.125 per share. On the American OTC market, investors appreciated a 51.80% price increase of FEIFF.
Maybe, some investors considered meaningful that in the reported financials the company announced increase in the positive operating netback and in the funds from operations.
For the others, the higher share price was maybe justifiable by the reported good cash balance, and by the debt repayment that happened thanks to the sale of substantially all of company’s oil and gas properties, tangible equipment and undeveloped land.[BANNER]
And finally, the bulls’ expansion this Friday was most probably supported also by those investors who were in a hurry to bank huge gains from FEI stock, since after the diverse investor perception of the released third quarter results there may not be space for another bottom for the shares that were already at the bottom.
On Thursday, FEI stock slipped to a new 52-week low at $0.08, confirmed also as the closing price.
So, it is not strange that those investors were in a hurry to start the game again, no matter that FEI realized a loss from the sale of oil and gas properties valued at $1.3million.
