Successful traders who were looking to wrap up the year early may want to stick around to play the bounce on KIT digital, Inc. (KITD) this Friday. Delisting from the NASDAQ, halted since December 11th, and sliding from a $12.65 high in February, KITD stock is set to have a massive sell off in two days after the news just keeps getting worse after the Company dismissed Grant Thornton LLP as their independent auditor yesterday. Failures to file timely with the SEC raise some speculation as to exactly how many shares are available, but overall, big board delisters, often offer a great chance to book some quick double digit gains in a few minutes.
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KITD Stock Chart
Market Cap: 36.01M
Close On December 11: 0.63 ▼ -0.06 (-8.70%)
Volume: 2,003,900
High: 0.66
Low: 0.61
52-Week High (Feb 8, 2012): 12.65
52-Week Low (Nov 26, 2012): 0.59
Authorized: 150,000,000
Issued and Outstanding: 57,097,255
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The good news is that KIT Digital serviced over 2,400 clients in more than 50 countries including some of the world’s biggest brands such as Airbus, AT&T, The Associated Press, BBC, Best Buy, Bristol-Myers Squibb, BSkyB, Disney-ABC, FedEx, Google, HP, MTV, News Corp, Telecom Argentina, Telefonica, Universal Studios, Verizon, Vodafone and Volkswagen. The bad news is, since the Company’s planning a restatement of their historical financial statements for the years ended December 31, 2009, 2010 and 2011, each of the three quarters in 2009, 2010 and 2011, and each of the quarters ended March 31, 2012 and June 30, 2012, who knows what the real numbers to value KITD stock with are.
Assuming that the changes in financial reporting for the more than a dozen SEC filings to be done are within reason, the revenue growth heading into 2011 should be a clear indication as to why getting some cheapies could make KITD the best penny stock of 2013. Revenues for the three years ended December 31, 2011, 2010 and 2009 showed the Company reporting revenues of $214.93 million, $106.60 million and $47.28 million, respectively. Restate all you want, with 2,400 plus customers, many of which are Dow Jones and Fortune 500 companies, those numbers, assuming they change very little, are why the Nasdaq lister was trading as high as $17.32 at the start of 2011.
About KITD Stock
KIT digital is a premium provider of end-to-end video management software and services. The KIT Video Platform, a cloud-based video asset management system, enables clients in the enterprise, media and entertainment and network operator markets to produce, manage and deliver multiscreen social video experiences to audiences wherever they are. Click here to view the SEC filings for KITD.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 12/11/12 | 0.63 | -0.06 | -8.70% | 2,003,900 |
| 12/10/12 | 0.69 | -0.02 | -2.82% | 1,230,300 |
| 12/07/12 | 0.71 | -0.02 | -2.74% | 740,200 |
| 12/06/12 | 0.73 | -0.01 | -1.35% | 1,607,100 |
| 12/05/12 | 0.74 | +0.02 | +2.78% | 4,858,500 |
Bottom Line: Long or short, KITD is one penny stock that must be on your watchlist this Friday. While the sell off will be massive and likely to break volume records previously set at the end of November, KITD stock is a perfect bounce play and a bargain for anyone who can get in at under a quarter.
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