On April 13, 2015 Directview Holdings Inc (OTCMKTS:DIRV) disclosed its plans to venture into the wearable camera market, and as it was expected, their timing was absolutely perfect. In December 2014, when Ferguson, Missouri was devastated by social unrest, the U.S. President Barack Obama stated that all police officers should have advanced body cameras.
The social unrest then subsided and everyone gradually forgot about announcement, but few weeks ago, a new incident of social rest was seen on the streets of Baltimore. It started when a African American passed away in police custody. It indicates that the idea of police officials wearing body cameras is once again grabbing headlines. It creates much-hype, particularly for the penny stocks like Directview.
Directview witnessed increased trading volumes last week, and after the management announced a deal with xG Technology Inc (NASDAQ:XGTI), it posted strong gains. Last Friday, the stock price recorded gains of massive 159% and managed to move up from the sub-penny levels. It closed the week at $0.014 per share with a dollar volume of more than $370,000. It continued to maintain the gains for first three weeks, however posted a weak session on Wednesday.
In last trading session, the stock price of DIRV declined more than 24% to close the trading session at $0.0127. The decline came at a share volume of 14.06 million compared to average share volume of 5.44 million.
Last year, Directview disclosed that they will provide security services to firms in the cannabis industry. The news came in the middle of ‘green rush’ which led many OTC tickers to great heights. Needless to say, Directview found itself making new 52-week highs, but soon hype subsided and its stock crashed. Few months ago, the management opted for a 1 for 30 reverse split, and DIRV declined to $0.00157 on March 26.