Southridge Enterprises, Inc. (PINK:SRGE) was raised from the dead by a report from an “independent research” firm in January, and the price is still going up.
On Friday, SRGE added another 43.90%, closing at $0.0059 with a volume of 7.2 million shares.
The gain on Friday came after yet another press release by SRGE. This one said the company would conduct additional rock sampling of ore stockpiles at Cinco Minas. The company didn’t fail to mention the Mathers Research report again.[BANNER]
The report in question started the whole run. It gives SRGE a “speculative buy” opinion and a target price of $0.20.
On Jan. 30 SRGE said in a press release it would be retiring 150 million shares. Even if the company does, at 20 cents per share the market cap would be in excess of $160 million.
Apart from the target price given in the Mathers report and the optimistic press releases, SRGE hasn’t delivered much to shareholders; SRGE hasn’t even published the report for the quarter ended Nov. 30.
In the short-term SRGE could milk the hype created around the stock, but unless they actually get results the next crash could leave the price in the triple zeroes.
