Planet Res Recovery Inc (PINK:PRRY) is a non-relevant information provider as evidenced by its ‘STOP’ designation. At the same time, however, PRRY has been enjoying a steady uptrend on the charts for three weeks already. What is it that drives PRRY stock up?
Apparently, PRRY stock is hardly a promotional favourite as according to our promotional database it has not been subject to paid advertising yet. That is why when PRRY gained a staggering 30% in value two days ago there was neither news, nor promotions going on. Yesterday, by contrast, PRRY lost 8.5% closing the session at $0.032 per share, which is still its second highest value for the last 15 weeks or so. The turnover of 5.2 million, on the other hand, set a new 52-week record for the company.
Yesterday’s increased investor interest in PRRY stock might be attributed to the company’s latest official press release which also saw the light yesterday. According to the latter, PRRY has signed a stocking distributor agreement for the marketing and sale of its PetroLuxus(TM) Technology Platform products. The green technology in question is designed to maximize hydrocarbon recovery in the Oil & Gas industry.
Although PRRY seems to have developed a commercially viable technology, there are no current financial records to either confirm, or deny this hypothesis. In fact, the company’s most recent financial report covers the first quarter of 2011. As of Mar. 31, 2011, PRRY had:
- cash reserves of $8K;
- working capital deficit in excess of $1.5M;
- quarterly revenue of $84K and a net loss of $310K.
Until PRRY managers provide the company’s supporters with much more promising figures, the value of PRRY stock will hardly succeed in maintaining an upward trend on the long term.
