The stock of Rhino Human Resources Inc. (PINK:IFHR) started a big run on Tuesday afternoon which coincided with the first coverage of IFHR in a promotional alert. Currently, there seems to be nothing but speculations about this company.
The run seemed to continue yesterday as well as IFHR closed the market with another 41.18% increase in the share price. Trading volume set a record for the past six months with over 896,000 traded shares, while yesterday almost 633,000 were traded and the stock entered the overbought area according the the RSI indicator. A new 52-week high at $0.16 was also reached on Tuesday, though only for a short while.
Rhino Human Resources is a company that is currently not filing to the SEC and its latest available report dates back to July, 2008. For some reason, however, a promoter decided that IFHR definitely has “Reverse Merger potential”, which is to be revealed just now. That was stated in the first promotional alert that came in our database on Tuesday afternoon, just before the price and the trading volume of IFHR exploded.
Three more promo e-mails followed from the same promoter, for which he discloses to have received no compensation. Due to the lack of any official information, it looks like none of the statements in the alerts could be taken for sure, which makes IFHR suitable only for speculative trading.
FINRA data for the shorting activity of IFHR confirms that, as well. Yesterday, 43% of the total trading volume was due to shorting the stock, while on Tuesday that portion was 22%.
