Even though today’s session provided zero gains for penny stock traders of Harmonic Energy Inc. (ASUV), a new report could grease the wheels for the tire scrapper. Focused on the disposition of scrap tires worldwide, ASUV stock opened and closed at the HOD after an “independent” research report was issued with a long-term target price of $5.26. The potential 601% upside on the notoriously late SEC filer should stimulate enough interest to drive the PPS back to their June highs for a potential upside of more like 60.1%.
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ASUV Stock Chart
Market Cap: 47.28M
Close: 0.75, up 0.33 (78.57%)
Volume: 219,425
Dollar Volume: $151,083
High: 0.77
Low: 0.42
Trades: 118
Average Trade Size: 1,859
Authorized:
Issued and Outstanding: 63,037,262
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Timing is everything for Harmonic Energy. On March 12, 2012, the Company authorized a 5-for-1 forward stock split and subsequently began trading on the OTC in June, rising up to 1.29 on June 20th. Since then, the shares have lost their volume and momentum sliding slowly down the mountain of scrap tires they plan to convert into energy until ASUV finally bottomed out at 0.31 two weeks ago.
Today’s announcement of coverage initiated by Cohen comes just two days after the Company filed their NT 10-K. The funny thing about the price target of $5.26 issued by the “independent” firm, is that they claim the model used to calculate the estimated price of ASUV was creted using:
- 2013 Price-to-Earnings ratio (P/E),
- Price-to-Capital Employed ratio (P/CE), and
- Discounted Cash Flow (DCF)
Regardless of whether the method used to come up with the price target amuses you or not, ASUV stock is available right now at the same price the 666,667 shares of common stock of the company were issued at back in May when they raised $500,000 in a private placement. Call it a “booby prize” if you wish, but the move today is clearly indicative that a repeat of June is about to commence and once the 10-K is filed, it will likely end.
About ASUV Stock
Harmonic Energy Inc., developing a new business which will provide a comprehensive solution for the disposition and recycling of scrap tires through tire re-manufacturing and carbonization of scrap tire components.
Click here to view the SEC filings for ASUV.
Bottom Line: Although there are better penny stocks out there to trade that are in the same price range, PWEI for example, ASUV is worth adding to the short-term trade list. Bear in mind that the shares outstanding on ASUV stock is relatively small which could lead to some large price swings, especially after today’s huge volume spike which has everyone locked in at the same price range.
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