Scorpex Inc (PINK:SRPX) has jumped up nearly 100% since last week whet it broke a trading rage with a support level established near $0.5.
SRPX closed the last session with a share price of $1. In fact, yesterday was the most intensive one since the stock began to climb. The trading volume bulged to 82 thousand shares, which is 3 times higher than the daily average.
A point worth mentioning is the short volume data for the day which was released by FINRA. According to the statistics, 58 thousand shares were exchanged in short transactions yesterday, which represents 70% of the traded volume.
The intensified trade with SRPX stock was produced by a press release in which the company announced it had started to expand and improve its roadwork to and from the site located near Ensenada, Mexico.
The news was published twelve days ago and since then SRPX has been attracting more volume than usual. The progress of the stock had led the company to a share price of $1 per share, which had rendered the company’s market cap at $158 million.
Apparently, those who had opened short positions yesterday do not agree with this market valuation of the company that has $4 million in assets, of which only $7 thousand are tangible as indicated by the last quarterly report.
Nevertheless, for some while during the summer the market cap of SRPX was even twice the current one. All the more so SRPX breached the 50-MA in the last session, which brought a stimulation for the long investors as well.
That being said, it seems that long and short investors will soon have to confront each other in order to decide the short-term fate of SRPX stock.
