“Yea, this stock is extremely frustrating and disappointing. I cant believe I got in this in the .02s and .03s — down to almost nothing.” This is a part of an iHub post about Alto Group Holdings Inc. (OTC:ALTO).
Although ALTO managed a 8.33% increase on 3.5 million shares yesterday, the close at $0.0078 is still very far from the December spike.
The slight increase probably had something to do with a PR issued by ALTO. The company announced it had signed a lease to rent corporate housing within Mali.[BANNER]
While the market reacted in a positive way, an iHub poster expressed some discontent about the news. Additionally, it should be noted that about a third of yesterday’s volume was generated by short trades.
Investors are generally unhappy with ALTO, and it’s hard to blame them, keeping in mind ALTO issues PRs all the time but hasn’t produced anything yet.
The thing the company seems to be good at is generating liabilities, losses and dilution. Just for the three months from November 30, 2010 to February 28, 2011 the outstanding common shares have more than doubled! And recently ALTO filed an 8-K showing the authorized shares has increased from 350 million to 750 million.
At this point, ALTO seems to have lost the trust of some investors. It may take some serious work on the matter before the company gets some appreciation in the stock market.
