Yesterday, Wowjoint Holdings Ltd (NASDAQ:BWOW) made a big jump on the market in the term of both volume and share price.
The value of BWOW stock increased 94.17% to $0.699. During the day the stock movement was defined by the $0.41 low and $1.25 high which is an amplitude of more than 190%.
The volume generated during the day reached 1.76 million which is tens of times higher than the daily average. In fact if we look one year back will see that this was the second highest volume BWOW has generated in the last 52 weeks.
The data published on the official FINRA website showed that 154 thousand shares were exchanged in short transaction. This is a very low short activity but it is explainable given that the volume was apparently generated by insider buying as it was pointed out by a press release that was published yesterday.
The press release announced that certain executive officers of BWOW would conduct purchases of the Company’s stock on the open market. Apart from putting light on the low short volume, the announcement also explains the significant rise in the share price as well.
Around the middle of the session a trade alert was issued to mark the notable price spike of BWOW stock. The alert was sent out by Penny Trader. According to the disclosure the promoter hadn’t received any compensation for the alert.
