In last trading session, the stock price of MGT Capital Investments Inc. (NYSEMKT:MGT) gained more than 37% to close the day at $4.08. The gains came at a share volume of 109.38 million compared to average share volume of 7.91 million. After the recent gains the market cap of MGT Capital stands at $127.08 million.
Caught in a short position, with the risk of a StreetSweeper bearish bout hanging overhead, the stock of MGT Capital gained more than 130% in last two trading sessions. The StreetSweeper mentioned amid yesterday’s climb that it expects the MGT Capital promotional campaign will hold. If it happens, they will tell shareholders all details about one of the most exceptionally over-hyped, useless shares they have ever observed.
Shares have been moving north on the chart after news that veteran John McAfee will be taking over as the CEO of MGT Capital. McAfee net worth declined from over $100 million to nearly $4 million in 2009. The company compensated 4.76 million cheap shares and $300,000 in cash to take his property off his hands.
MGT Capital had exiled its Chief Financial Officer as well as CEO in October 2015. There are many going concern issues related with the company, and also it filed a late 10-Q. MGT Capital is endorsing McAfee’s D-vasive assets, but it appears they can barely give D-vasive away. The group promises its full report soon.
Amidst all these developments, a Libertarian contender for the U.S. presidency tweeted that he is in this for the extended haul. In case, there is ongoing pump and dump, the market participants will be completely disappointed. It is the prime reason StreetSweeper is expecting the MGT Capital pump to hold for few weeks. However, only the coming trading sessions will reveal if the company with its existing red flags manages to extend its gains or takes U-turn on chart.