Quamtel, Inc. (OTC:QUMI) closed the last trading session with a share price of $0.59. Yesterday there was noticeably much more intensive trading with the company’s stock than usual.
The new share price of QUMI stock was achieved after a 7% jump. The number of traded shares was 420 thousand, which is five times higher than the daily average.
FINRA shows that 180 thousand shares were exchanged in short transactions during the day. In other words, the short volume had exceeded 40% of the whole trading volume for the day.
Yesterday a press release, issued by buyins.net and published on the OTC Bulletin Board, reported that approximately 2.5 million shares of QUMI stock have been shorted since April 2010. Based on that, buyins.net expected a short squeeze to start above the $0.6 mark.
This price was not hit yesterday, but probably the report was enough to produce the high trading volume.
It is important to point out that after the end of the session a promotional coverage of the company was initiated. The campaign was in the form of a paid newsletter which was issued by Stock Digest Report.
The promoter disclosed he had received $80,000 from Oceanic Consulting for the advertising service.