When we last covered it two weeks ago, Location Based Technologies Inc (OTC:LBAS) had just released a couple of positive press releases. Hardly has anyone guessed that LBAS would almost halve its value within a fortnight.
Yesterday, LBAS put on another disappointing performance. Slumping by 13%, it closed the session at a three-month low of $0.4175 per share. The volume reached 2.4 million, i.e well above the 30-day average trading volume of 1.42 million.
The market fiasco came hard on the heels of a brand-new press release. The latter served to inform market players that the company’s proprietary PocketFinder (R) GPS Personal Locator had now hit the shelves at Apple Retail Stores both in the USA and Canada. As impressive as the news sounded, investors gave it a cold response, which, by the way, does not mean that LBAS will never skyrocket again.
Whatever LBAS stock might have in store for investors, it will most probably happen in the next couple of days. Although currently traded around the $0.40 mark, LBAS’ 52-week high is at $1.34 and it could easily be reached again if combined with strong news. On the other hand, the 52-week low of $0.096 is low enough to take investors aback anytime, as well.
