SGCP could have delivered a nice 46.15% profit, after which the share price settled at $0.0019. The trading alerts shot the share price as high as $0.0025 within the session, a level that has not been seen since the days of the previous promotion for SGCP at the end of this February. No compensation has been listed for the promotions, but the owners of the websites that made them state that they might be holding or trading the shares.
For a company that is providing only limited and not really reliable information about its business, it does not look surprising that 50% of yesterday’s 178 million share volume has been made up by shorters. On Monday, that percentage was 45%, and as the shares are not overbought yet there seem to be more potential.
The market values Sierra Gold’s business at around $3.2 million. The only available current financial report of the company is a Profit and Loss statement, which shows proceeds from mineral sales and equity sales for a total of $346 in the three months ended this June. On the other hand, Sierra Gold has 1,674,918,102 shares of common stock outstanding, which makes it almost impossible to calculate what the fair value of their stock could be.
The latest press release by the company came out in September and it announced that Sierra Gold was ready to start dredging activities ” as soon as river levels permit”. Further details have not been specified, but the share price made on the day of the announcement one of its usual jumps, reaching $0.0017 in the session.
