volume exceeded 575 thousand shares traded.According to the historical data, the stock has recently traded above its yearly average, though the price moved down shortly after that. After a number of up and down chart moves, UVFT has currently began a new uptrend, which is up to be followed.
But what has caused the present price jump?[BANNER]
One of the most recent news on UVFT is some analyst research, which has given the company’s shares a “strong buy”. Right after the research coverage, UV Flu reported a new distribution opportunity for the European market for its UV-400 Bacteria Killing Air Purifier.
Based on the last announcement, UVFT expects highly positive results during the forth quarter of this year. Though, as the distribution news is still new, we cannot be certain on the investors’ reactions.
UV Flu Technologies develops and manufactures innovative technologies within the Indoor Air Quality industry sector. In its 2010 first quarter report, the company stated they had “limited revenues from operations” and expected “to conduct some targeted direct selling in the next several months”.
As compared to its previous quarter, the rest financial parameters of UVFT don’t look satisfying:
- Loss increased 5 times
- Cash on hand was about $17 thousand
- Working capital deficiency of $90 thousand
According to the report, during the three-month period ended this March, UVFT’s primary sources of cash were loans and the company has an accumulated deficit.
UV Flu claims that it currently has sufficient cash to cover its business operations by at least September. However, it will need to raise additional funds through equity or convertible debt financing that may result in dilution to its shareholders.
