The penny stock of Mustang Alliances Inc. (OTCBB: MSTG) is smoking hot having gained 61% since the share price hit $0.57. Whether its because the stock got some pump to it or the appointment of Peter Boies made the difference, MSTG is one of those penny stock picks that must be watched closely.
Shares in the penny stock, MSTG, closed on the last trading session at the high of the day. This could very well indicate that the breakout is getting started. When we profiled Mustang Alliances in February, the penny stock was well above the $1 level and closing in on $1.55. (see MSTG profile here)
MSTG Stock SnapShot:
Market Cap: 95.04M
52-Week High:
(Mar 8, 2012): 1.53
52-Week Low:
(Apr 3, 2012): 0.57
Avg Vol (3m): 567,964
Avg Vol (10 day): 395,871
Shares Outstanding: 100.04M
Float: 31.59M
MSTG 5 Day History:
5 Day % Change 20.25%
5 Day SMA 0.7622
5 Day Avg Vol 505,224
MSTG YTD History:
Ytd % Change 28.38%
Ytd SMA 1.0206
Ytd Avg Vol 563,505
During last week when gold investors started losing confidence in gold mining companies, Mustang Alliances (MSTG) had investors jumping. The upside is all based on speculation since MSTG is due to report their fourth quarter earnings but still have not recorded any revenues (see most recent 10-Q here).
On April 3rd, Mustang Alliances announced that Peter Boies was joining their team as Project Geologist to oversee MSTG‘s Honduran 2012 exploration program. MSTG has 6 concessions totaling 5,400-hectares under agreement in the Choluteca District of Honduras. The Mustang Concessions are in an area that has been actively worked by artisanal miners for the past 200 years.
Bottom Line: MSTG was a hot penny stock and is again as circulations are filling an inbox about the penny stock as you read this. Volume is “slightly” picking up but not yet enough to call it a “surge” since we witnessed days in the beginning of February when MSTG traded up to 2 million shares in a day to start the month.
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