Dallas, Texas 11/15/2013 (Financialstrend) – The penny stock of Growlife Inc (OTCBB:PHOT) which has a market cap of $61 million and was trading at $0.099 at close of business on November 14. At these valuations it is trading at levels which are close to its 52 week high price point of $0.12 per share. During trading yesterday, the stock was trading in a narrow range and posted a 2% loss in its market valuation.
The small dip in value during trading yesterday was on the back of announcement of its third quarter results yesterday. The dip in the valuation of Growlife Inc (OTCBB:PHOT) is surprising because the firm reported a big jump in its revenue compared to previous year, same period.
It has opened a 7th new store in its pocket borrow in California. Announcing the results, its Chief Executive Sterling Scott has been quoted as saying, “Our Company has much to be excited about going into the last financial quarter of the year and 2014. At the same time that GrowLife is successfully integrating acquisitions and organic expansion into cohesive and complementary marketing and sales operations, we are becoming more effective as an enterprise entering related verticals of the cannabis industry that align with our core strengths and our conservative approach.”
Growlife Inc (OTCBB:PHOT) in its previous avatar was known as Phototron Holdings. It is into the business of manufacturing and selling hydroponic set ups along with nutrient solutions which go into the horticultural sector. The firm has grown inorganically by merging itself with PHI Merger Corporation in 2011. In the middle of this year the firm bought out hydroponics firm “Rocky Mountain Hydroponics LLC.” and Evergreen Garden Center LLC to further enhance its spread and offering.
In the past one month the stock has posted a huge 61% increase while balloons to a 162% during trading over the past 90 days. This appreciation level remains the same for an extended period of 12 months.