In last trading session, the stock price of Orbital Tracking Corp (OTCBB:TRKK) declined more than 9% to close the day at $0.181. However, the decline came at low volume of 46,340 compared to the average monthly volume of 142,159.
The outfit ‘TheWolfOfPennyStocks’ managed to offer some support to Orbital stock in last few sessions. However, as is evident by the timing of campaign, the gains didn’t last for long. The stock recorded a day of strong gains, only to begin its south movement in the next trading session. In fact, TRKK stock is trading closer to its all-time low. A bit of diligence confirms that this decline was very much expected by the market experts.
Orbital Tracking has next to no considerable achievements to its name. Moreover, its last quarter numbers fails to impress market. In last released report, the company announced cash of $218,000. The current assets came at $1,000,000 while current liabilities amounted to $987,000. Orbital Tracking reported revenues of $983,000 on net loss of $301,000.
Last month, the market saw Orbital Tracking sell more than 2.14 million Series ‘C’ Preferred shares for $1,100,000 to support its activities. It indicates that investors who bought these shares spent $0.51 per share. Moreover, each one of these reported shares can be turned into ten shares of company’s common stock.
It implies that there were nearly 21.4 million shares that were purchased for almost nickel while the latest campaign was pushing the stock over the $0.5 mark. Considering the latest campaigns. It is now evident why Orbital Tracking chart pattern looks dismal with no promising expectations from the stock in near future.
Orbital Tracking’s business is largely carried out through a subsidiary named Global Telesat Communications Ltd. A firm with a similar name and almost the same business plan was once owned by World Surveillance Group Inc (OTCMKTS:WSGI).