The stock of Direct Insite Corporation (OTC:DIRI) is hardly a popular one historically. Last week, however, DIRI traded impressive volumes in a few sessions.
On Friday, DIRI closed down 1.52% at 0.65, but the volume was nearly 180 thousand shares. It had closed up 26.92% on Thursday with a volume of 182 thousand shares.[BANNER]
As already mentioned, DIRI stock is historically highly illiquid, and what makes last week’s performance even more surprising is that there is no news, no new filings, and no promotions to account for the sudden interest.
The company provides on-demand services for accounts payable, accounts receivable and payments automation. The main reason for the spotty past market performance of DIRI is that the management doesn’t seem to be particularly concerned with the company stock.
Up until 2011 DIRI was doing well on the business side, however, that seems to have changed recently. As per the company’s latest 10-Q, DIRI reported $1 million net lost. Although it was mostly due to $620 thousand in severance pay to former CEO, it is still a worse result as compared to the same period of 2010.
For now, we cannot find a plausible explanation for last week’s surprise performance, and keeping in mind the company’s neglect for stock market relations it is possible DIRI won’t provide any additional information on the matter.
