The MA (200) for Vringo, Inc. (NYSEARCA:VRNG) clearly shows that VRNG stock has been on a steady decline for quite a while now. That is why, neither the latest news about the company, nor the paid promotion have had a major impact on the market behaviour of VRNG stock during the last several sessions.
Yesterday, VRNG submitted a comprehensive recap of its main achievements for the last 12 months. The company also drew a tentative outlook of the goals it will be pursuing in 2012. A full-on paid promotion was also launched to provide additional support for VRNG. For this purpose, four promotional emails totalling $10 thousand reached investors’ mailboxes by noon.
What happened in reality was a 5.5% price appreciation for VRNG stock. Closing at $1.14 per share, VRNG shifted a total of 98 thousand shares, which is a four-week high for the company. In spite of the positive movement, VRNG only managed to make a minor step towards regaining its August level of around $2 per share.
Trading on the AMEX, VRNG is an impeccable SEC filer. On Nov. 14, the company submitted its third 10-Q form for 2011. According to the report, VRNG’s financial condition a/o Sept. 30 was determined by:
- cash reserves in excess of $1.7 million;
- working capital deficit of $1.4 million;
- $182K in revenue and a net loss of $2 million.
