The penny stock of Joey New York, Inc. (JOEY) is entering into it’s 3rd trading session as a “potential hot play” nearly 3 weeks after announcing their intent to acquire a niche beauty and health company with over $10,000,000 in annual sales. Shares of the beautiful JOEY stock saw only about 25% of the volume they began the week with after hitting a new 52week low just before the end of the trading session. Regardless of whether or not the efforts of CAPGreenberg, LLC manage to pull off the deal and help kick start the inventory heavy beauty product suppliers into a revenue level more than 100X what their trending sales have them on the path to report for the current fiscal year, early investors with an inside scoop are up way more than any potential buyer this week could ever hope to make during the course of their entire lifetime.
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JOEY Stock Quote
Market Cap: 28.98M
Last: 0.42 ▲ +0.01 (+2.44%)
Dollar Volume: $
14-Day RSI: 38.03%
1st Resistance Point: 0.521
1st Support Level: 0.327
52Wk High: 3.00
52Wk Low: 0.335
Beauty, so they say, is only skin deep, but when it comes to the over-pretentious society that the media helps to create in the U.S., looks mean more than health for those trying to keep up with the Jones’ or be able to sit at the same table as their old classmates when those 10 and 20 year reunions roll around. Joey New York hit that nail on the head in May when they decided to acquire RAR Beauty, LLC and make a “Pronto” move towards getting their shares into the hands of new buyers.
Being able to buy the Joey New York products via Look boutiques, Peninsula Beauty stores, as well as, online at Urban Outfitters and dermstore.com, sales for the 3 months ended May 31, 2014, $20,416, were just slightly less than those for the same period the year prior, $22,354. With a gross profit of slightly better than 50%, it’s going to take one heck of a marketing campaign on a very slim budget, if the beauty products supplier is going to even come close to being able to report positive net income in the distant future considering how operating expenses, $123,645, were more than 10X gross profit, $11,990, for the last quarter.
With just $28 in cash and inventory that will take over a year to shift at the current rate of sales, cash flow is due to be an issue in the not so distant future if it isn’t already. Such is why Joey Chancis, CEO and President of Joey New York, must have seen this coming a year ago when the Company opted to increase their authorized shares from 75,000,000 to 1.5 billion when they effectuated a 20-for-1 stock split.
However, with Cohen manhandling the JOEY stock alerts for today, day 3 of the campaign, the volume numbers from yesterday, just over 40,000 shares, might look like it’s a failed promotion for those not looking deeper into the financial statements. Since the 17,000,000 share float was sold at $0.00015 per share during fiscal 2012, every share of JOEY stock bought at 0.42 is a 279,900% gain on their $25,500 investment from the parties involved in buying the shares a year ago.
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About JOEY Stock
Joey New York, Inc., through its wholly owned subsidiary RAR Beauty, LLC, is a development stage company that distributes natural skin care and beauty products on wholesale and retail levels.
Click here to view the SEC filings for JOEY.
Click here to view the website for Joey New York.
Issued and Outstanding: 69,000,000
Joey Chancis: 29,500,000
Richard Roer: 22,500,000
Last 5 Trading Sessions:
With just $25K and a year or so invested in JOEY stock from the parties who controlled the 17,000,000 share float heading into the week, there should still be about 16.5 million shares left to get moved. With penny stock alerts on JOEY stock already coming from “did you read my last email” king, expect to see shares trade lower than yesterday’s new 52 week low before thinking that it’s a beautiful play for a Wednesday.
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