lost additional 2.44% on its price. Unlike the negative price change, traded volume of GAMR totaled over 1 million shares for the day. Apparently, traders are losing interest in the stock and sell their shares.The latest news by GAMR was released last Friday, when the company announced it was going to sell Aircraftors Engineering, Inc. via public auction, on 21 September, this year. As a result of the news, GAMR’s volume jumped up extremely fast, though, its price change remained negative.
Historical data shows that over the last months, Great American Group has made lots of efforts to push up its stock by publishing good news and promotional newsletters on the company’s business. However, the price has been moving down progressively.[BANNER]
According to the records, GAMR has traded much higher during the past year, when its price reached over $4.00 per share. Though, since January, this year, the stock has been in a downtrend, aiming the bottom of the chart.
Great American Group, Inc. provides asset disposition solutions and valuation and appraisal services to a wide range of retail, wholesale and industrial clients, investors and professional service firms. In its 10-Q report, GAMR stated it was “disappointed with our results during the second quarter”, as its revenues have decreased significantly. At the same time the company has incurred higher expenses and a huge net loss.
At end-June, this year, GAMR had $26.5 million in cash and cash equivalents and working capital of $33.4 million, however, its total long-term debt totaled over $53 million.
Despite the discouraging finacials, the company keeps being optimistic about its third quarter results, though, it may need to find additional capital for its operations.
