it added the next 1.35% to its market price.Along with the positive price change, the volume of MMOG jumped over 443 thousand shares, which exceeds its average volume by more than 50%.
But what’s behind the current price jump? Looks like something has provoked traders’ attention and an uptrend has begun.
The most probable explanation about the high trade appears to be the latest news for Moggle.
On Tuesday, the company announced that it has received certification for using the Chase Paymentech’s Orbital Payment Gateway for its Virtual PiggyTM technology. The certification allows Moggle’s application to support credit card transactions on the Chase Paymentech TM processing platform.[BANNER]
As soon as the news was released, MMOG stock started to climb and it still holds the up move.
Moggle, Inc. delivers a platform technology designed for the management of the Under 18 age group in the global online market. In October, the stock hit another huge gain, though with no particular explanation.
Actually, Moggle has not published any further news about its business since end-August, so no one knows what the company is being up to over the past months. Thus, these unexpected price jumps seem quite speculative.
The company is in the development stage, so it is “dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of sales adequate to support the Company’s cost structure”. However, since its inception Moggle has incurred huge losses and has experienced negative cash flows from operations.
As the management team states that there can be no assurances that MMOG “will be able to secure additional equity investment or achieve an adequate sales level”, there is a substantial doubt about the company’s future operations.
