Three weeks ago, Location Based Technologies Inc (OTC:LBAS) hit a six-week low in terms of volume. Since then, LBAS stock has been keeping a steady trade well above that mark.
Yesterday, LBAS lost 0.54% in value, closing at $0.915 per share. Thus, the company will have to wait a little while before making an attempt to return to dollarland. More than half a million shares changed hands for the fourth time in a row, which is still not enough to beat the 30-day average trading volume of 1.3 million.
The two latest press releases which popped up on Sep 20 and Sep 21, respectively, did little to give LBAS stock a boost on the market. Nevertheless, LBAS stock has been one of the strongest penny stocks, at least for the last three months. That is why, its chance of getting back to the $1 threshold does not seem so vague as pessimists would think.
The positive trend LBAS has been following since July might appear quite inexplicable, especially when considering the company’s current financial health. With its working capital deficit exceeding the $7 million mark, LBAS will have to outdo itself in order to turn profitable. Yet, if it somehow manages to keep this level of support, the company might still be able to move up the chart.
