Peoplestring Corp. (OTC:PLPE) had a spectacular session on Friday, although there doesn’t seem to be a solid reason for it.
PLPE more than doubled, closing at $0.14 for a 154.55% price jump. The volume was also surprisingly high – approximately 2.9 million shares.
The company hasn’t announced anything since November 2011, and its latest financial report was far from promising.[BANNER]
Some may try to explain the surge with the Facebook IPO and the associated excitement, but drawing lines between the two companies is hardly possible.
In the nearly three years of its existence, PLPE has failed to generate significant income; as a matter of fact, it has mostly lost money.
The company’s own reports state that the number of users had dropped as of Sept. 30, 2011. And while the same report showed PLPE had some working capital, it may need to seek additional debt or equity financing.
It will be interesting to see whether the management deems yesterday’s performance worth a comment. At this point, there is no official information to make yesterday’s spike look in any way logical.
