Speculating paid off big for the penny stock traders who bought into the hype machine, Southridge Enterprises Inc. (SRGE), since the end of the summer. Surely there was plenty of reason to think the PR and dividend payments were merely tactics to get investors to grab some bags while SRGE stock was playing their hand about a possible JVA with an NYSE listed company. Out of bags or out of time, today’s PR, more so the supposed commentary from Martin Moscosa, Exploration Manager at Kinross Gold Corp. (KGC), describing the half billion dollar plus joint partnership is a fool’s gold mine for those who go too long. Even though the PR explains that the deal has yet to be finalized, it likely won’t since the announcement is probably a fake.
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SRGE Stock Chart
Market Cap: 6.74M
Last: 0.0139 ▲ 0.0059 (73.75%)
Dollar Volume: $638,918
Average Trade Size: 76,751
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While the penny stock of Southridge Enterprises did have a decent run to start the beginning of the year, volume was meaningless for the most part with only one sessions breaking past the 25 million shares traded mark. The heat was turned on in September when SRGE stock became engulfed in PR hype and volume surged to over 200 million shares at the start of the month — a level which could be tested today unless someone lets the cat out of the bag.
Today’s PR (see here), appeares to be a fluff trick to catch those still wreaking of bad eggnog from the holiday. Commentary from a supposed member of Kinross’ Board was included, questionable or not, and the surge created by it is allowing for an early morning chance to test the year-to-date high, 0.0195, set back in November. While we were non-believers of the PR fluff from the last few months, cautiousness outweighed the bullishness on SRGE stock and will soon prove to be the better option. Shares of KGC stock are down slightly in today’s session, $9.35, ▼ -0.11 (-1.16%).
About SRGE Stock
Southridge Enterprises, a pink sheets listed, U.S.-based mineral exploration company dedicated to acquiring and developing mineral resources in geologically permissible and politically stable areas of the world. The Company is implementing a plan to profoundly position itself for both rapid growth and expansion in an emerging gold and silver market according to Alfonso Sanchez Navarro, Board of Director of Southridge.
Last 4 Trading Sessions:
Bottom Line: The opportunity for penny stock traders to pounce on SRGE may appear to be a viable option since the YTD high testing could offer 40% gains. While there is a ton of SRGE stock out there, 545,874,868 as of November 2, the PR, fake or not (we think its fake), could attract some big board traders to step into the OTC and drive the PPS.
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