Thursday’s trading session was a volatile session for Ecrypt Technologies Inc (OTCBB:ECRY)‘s stock as the prices bounded wildly either ways compared to its previous close. After witnessing a volatile session, the share price closed deep in the red. The share price declined 17% to close at $0.035 on share volume of 5.4 million. The next trading session brought some relief as the stock price bounded more than 2% to close the day at $0.0358 on share volume of 1.81 million compared to average share volume of 2.26 million.
The buzz
Ecrypt has been maintaining a low profile on the news front. The last PR was released on March 31 and was just a brief update on its plans to purchase a telecom business with the issuance of one million ECRY common shares. It stated that both parties are conducting additional due diligence. Ecrypt has remained a pump stock that ended last year with a big bang.
The momentum
It was pumped in last November and December by Stock Tips. It was the last of the pumper companies that could result in heavy price action and volume to a stock price. Of course, the result of an expensive pump with compensation of around $5.1 million was not any different as it happens in most of the cases. The share price of Ecrypt declined 80% from an inflated high level of $0.55 per share to $0.10 per share in a matter of just five sessions. From there on the stock has failed to recover with the exception of one strong green session recorded on March 3. It was the same week when Ecrypt announced obtaining a ‘pivotal order’.
The performance
As per the latest financial report, Ecrypt reported cash of $58,000. The total assets stood at $67,000 and current liabilities came at $2.3 million. The company reported no revenue for the three quarters ended December 2014.
