Someone seems to have gotten rid of Social Media Ventures shares. After the trade yesterday, the stock lost almost 32% of its value and is now worth $0.13. What was the cause of this? Let’s try to analyze it.
Social Media Ventures, Inc. (SMVI.PK) operates social networking sites. At the moment, it operates PetPlaces.com and RockTag.us. In the beginning of August the company announced that PetPlaces.com was to offer the service of pet insurance. The announcement should have increased the value of the stock. However, the opposite thing happened.
Can it be related to the deal between Social Media Ventures and Ahead of the Bulls? SMVI paid 200,000 free trading shares to promote the stock. Was the stock price fall and promotion related?