The Authority on the Stock Market appears to have scored the big one with penny stock alerts issued on Psychic Friends Network Inc. (PFNI). Since the volume surge began on Tuesday, the incredibly small public float of PFNI stock has been gobbled up with some big buy orders being knocked back in their attempts to under bid the ask price. While the future predictions are better left for the experts at the Company who will entertain you at $2.99 per minute, as long as the ask keeps controlling the prints, traders playing the holiday promos are liking what Elliot Dobbs is bringing in advance of the end of the 2012 trading year.
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PFNI Stock Chart
Market Cap: 39.33M
Close: 0.4701, up 0.0381 (8.82%)
Dollar Volume: $1,107,028
Average Trade Size: 6,601
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When looking back at the acquisition from the beginning of the year, not only was 50.60 million shares of the 83.65 million shares outstanding issued to PFN Holdings, but another 236,667 shares PFNI stock was issued in consideration for $245,000 of a proposed $745,000 private placement. The additional $500,000 was scheduled to be provided within 90 days of the closing at a price which is the higher of $0.75 per share or 90% of the average of the closing prices of the Company’s common stock for ten trading sessions immediately preceding the date of the investment. As noted in the last 10-Q, $525,000 was received by the Company for shares issued during the nine months ended June 30, 2012.
Basically, PFNI stock is still roughly 0.28 below the price which it was issued at during portions of 2012. For those who use SEC filings to make decisions based on insider activity, this would mean that another 59.41% on top of the current price could easily be achieved to match the buyers of small blocks from back in the first half of 2012. While the gains might seem a bit “over the top: for the novice eye, SMA is the only group that has consistently taken a pick up and over the $1 level when you compare them to APS and their SVEN and the new guys, VM, and their PBCW.
About PFNI Stock
The Psychic Friends Network, Inc. is a marketing and entertainment company providing on-demand psychic advice as well as daily and weekly horoscopes.
Last 5 Trading Sessions:
Bottom Line: PFNI is likely to outperform all of the big dollar penny stock promotions in play at present. With a strong history of investors and a branded name behind PFNI stock, seeing another near 60% on top of the current price would not be out of the question. Make sure to keep this atop the list of penny stocks to watch for the next week at least.
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