OTCBB Stocks Testing 52 Week Lows: PositiveID Corp. (PSID)

Shares of PositiveID Corp. (OTC: PSID) finished on a high note as the penny stock closed up 12.34% at $0.0865 in the last trading session. PSID has been one of the lesser performing OTCBB stocks as the share price extended its losses for the year dropping -4.0% for the week, -35.93% YTD after trading as high as nearly half a dollar a year ago.

PositiveID Corp. made a couple announcements last week one of which was that the company had begun taking orders of its FDA-cleared iglucose(R) mobile health system for diabetes management. PSID announced Friday that the company will be in Colorado for the coming week to promote and demonstrate iglucose at the National Rural Health Association’s 35th Annual Conference.

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PSID Stock Snap Shot:

Market Cap: 9.31M
52-Week High
(May 2, 2011): 0.46
52-Week Low
(Apr 13, 2012): 0.07
Avg Vol (3 month): 441,661
Avg Vol (10 day): 510,629
Shares Outstanding: 107.65M
Float: 58.58M
% Held by Insiders: 20.69%

PositiveID Corp. acquired MicroFluidic Systems in May, 2011. Since its inception, MicroFluidic received over $45 million in U.S. Government contracts, mainly from the Dept. of Homeland Security (DHS). PSID submitted, or is in the process of submitting, bids on various potential U.S. Government contracts totaling in excess of $30 million. Furthermore, the company is planning to pursue the DHS’s third generation BioWatch program which PSID estimates the first contract period to be for five years and projects that the request for proposal will be issued during Q3 of 2012.

Last week, PositiveID Corp. filed a preliminary proxy statement related to their 2012 Annual Meeting of Stockholders. Within the preliminary statement is a proposal for PSID stockholders to approve and adopt an amendment to the company’s certificate of incorporation to increase the total number of authorized shares of PSID capital stock from 180 million shares, of which 175 million shares are common stock, to 475 million shares, of which 470 million shares will be common stock.

To view the SEC filings for PSID, click here.

Bottom Line: PSID is worth adding to your list of penny stocks considering their planned attempt to gain government funding in the future. That being said, PSID is on pace, with the current trend of the penny stock, to test its 52 week low of $0.07 which it grazed during the last trading session.

Is PSID one of the best or hot penny stocks, absolutely not. If you plan to watch PSID for entry points, think Day Trade as the  proposal to dilute the shares as filed in their S-1 could eliminate any chance of seeing this stock break the 10 cent barrier this year.

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