Net Element International Inc (NASDAQ:NETE) was a notable mover during Friday’s trading session. The stock surged by close to 10% on the back of above average volumes. It is important to state that the stock has been surging higher ever since forming a formidable bottom at levels of $0.056. The uptick has meant that the stock has been able to move above its 50 day moving average. The momentum oscillators for the stock have given a buy signal indicative of the presence of strong buying interest. Traders believe the stock could head to levels of $0.250 in the near term.
The 3Q15 sale figures of Net Element International Inc (NASDAQ:NETE) rose to $12.68 million at a 110% increase as compared to the 3Q14 when it recorded a revenue of $6.03. Releasing the 3Q sales report earlier this week, the company traded with a share count of 31.44 million which has increased by 1.23 million shares over the last two months.
Continue to Trade With NASDAQ
The Net Element CEO Oleg Firer said that the company has an objective for continuous trading at the NASDAQ market. Currently, the company was waiting to meet the minimum bid price that NASDAQ requires from a company to start trading on it and Firer was positive of obtaining the extension soon. Once this was achieved, the company would be finalizing the date for implementing the reverse stock split that would be decided at the BOD meet to be held after NASDAQ trading decision.
In the last one week, a 126% rise in shares has been reported by the company. Earlier this week, SeeThruEquity issued a share update on Net Element International that has ringed in a cheerful holiday season for its investors. According to SeeThruEquity CEO Ajay Tandon, Net Element’s processed $7.83mn in US alone in the last quarter. The target of 12 months has been set at $5.17 per share.
The Net Element International has recorded a drop in the shares short interest by 25%. 1.3% of the total shares that are on the exchange are being mulled on short positions by the shareholders and the average share trading volume has been 597649 shares this month. The company has being doing well in this quarter and the rise in revenue will definitely boost the investor sentiment and see a further rise in the shares in the coming weeks.
Reserve Stock Split
A stockholders meet was conducted by the company on November 18 in which the reserve stock split decision on the company’s common stock was approved. Now it remains for the Board of Directors to decide on the ratio between 1for 10 or 1 for 30. The meet also saw the company get approval for issuing and acquiring restricted shares of the common stock.