Permanent Technologies, Inc. (PINK:PERT) had gained 8.11% when it closed at $0.20 yesterday. The approximately 860 thousand shares that were traded were not a new high for PERT, but came close to a recent one.
The previous time a high volume was generated, it was because of a PR. It seems this was the case this time too.
Yesterday, the company published an announcement saying PERT was pursuing a strategy of non-exclusive licensing of TineLok to domestic distributors. The goal is to commercialize the company’s products faster.[BANNER]
For some reason the management waited quite a while to come up with that idea. PERT’s products are metal and plastic fasteners. The company has held the patents for those products for years, yet it hasn’t generated any revenue so far. PERT’s press releases often concern potential deals with the US NAVY. None of those has been realized so far.
Yesterday’s session is similar to the previous PR-hyped performance of the stock. The short volume for the day was over 50%. The shorters had some options to cover their positions last time, as you can see on the chart.
While shareholders are waiting for some development, announcements seem to provide high-volume trading for PERT shares, and potential gains for skilled traders.
