Using post 2/1 stock split numbers, Trintech reached a high of about $75 on 10 March, over the next 12 days dropped to $60 on 22 March, and then dropped to $50 on 23 March (the day I am writing this)---overall, about a 1/3 drop from the high.
Why?
Assuming I am reading the data correctly:
Their fourth quarter results were that although revenues were up, net losses almost doubled, to 4.6 million, but with "costs" including almost $3 million of research and development. In any case, those results were posted on 29 February.
More recently, Trintech announced that it will sell 6 million new ADR shares (adding to the 50 million already issued): 4 for the company and 2 for shareholders, presumably insiders of some sort. Admittedly, insider selling vice buying is not encouraging. But that sale was announced on 20 March. Why the delayed reaction over the past three days?
Is there any other news to account for the drop?
The volume today *looks* unusually large: 228 million vice the usual 45 million. But I don't know if that "usual" number is post-split, as it should be for comparability. But even if we doubled the 45 million to 90 million, 228 million is still relatively large compared to normal.
Any comments would be very much appreciated!!!
Roger Folsom |
