TransAKT Ltd (PINK:TAKD) finished the last session 2.67% higher at $0.0462. However, it was the trading volume generated during the day that attracts the attention.
Exactly 1.26 million shares changed hands on Friday, which is six times higher than the trading average. In fact, yesterday the trading with TAKD shares was the second heaviest in 2011.
The short volume data published by FINRA indicated that 900 thousand shares were exchanged in short transactions. In other words, 71% of the whole volume for the day was comprised of opening or closing of short positions.
Two weeks ago, TAKD published its unaudited financial report for the last quarter. It showed that the company’s assets have increased by $1.2 million as compared to last year. However, a major part of the assets are in the form of account receivables and inventory.
In addition. TAKD has registered a negative cash flow from operating activities. The $210 thousand net increase in cash and cash equivalents at the end of the quarter is mostly due to the cash flow form financing activities.
From a technical point of view, the MACD indicator has been in a strong down trend for the last two months. The stock also lost the support of the 50-MA in the middle of this month.
On the whole, the increased trading volume in the last session seems rather speculative because there was no stimulating news or reports on that day. Moreover, it seems that short activity was dominating on Friday.
