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14 day RSI is approaching Oversold territory
seems like someone doesn't want that green candle.
I'm annoyed in my trading the last two days. Still improving my position, but could have been better. We are only talking .1 pennies here, but if this explodes, that's a big difference at the other end.
Fairly good sell signal signal, and this is sideways. I guarantee you shorties are sweating more than I am.
Too many serious people know about this stock and the upside, and little downside. I don't think it's possible to see .005 again. Honestly, I hope it does, assuming it's not on some unforeseen bad news. To accumulate this at .005 would be such a zip code changer.
Remember they either got financing or used the stock to pay for a $90M rev hospital. This is published fact. A VERY serious company sold to them (biggest for profit hospital company in the country). This doesn't happen to a dead cat. You look at a chart and you think you know everything about a company. I would say 95% of the time, you'd probably be right. Good for us, this time you are SO wrong.
They weren't getting paid for their lab work, which made them dilute the crap out of this to pay the bills. They are turning the ship around, don't have loans due for 18 months, revs. increasing and due to published acquisition will skyrocket, can't R/S, can't dilute any more, worse case is this just sits here until they can R/S again, which will be months. Best case, as indicated by the company, it is really turning around, they have serious desires to get back into NASDAQ, pursuing $10M from Cigna (remember I said they didn't get paid), and to da moon we go. Pretty good gamble IMO.
Honestly, the more strong hands , the more MM's shake. So some weak hands getting shook will help this thing go.
I prefer to do both, never a bad thing to avg. down.
Technical traders selling on sell signal (50 crossed 200). I don't think this has much room to go down here, should bounce up soon.
Obviously this has been taken to the woodshed, but risk vs. reward right now sucks for a shorter, IMO. Maybe if volume dies down a bunch, I could see it, but still have to sweat PR’s etc.
I personally believe this is a damaged company with legitimate intentions to be back in NASDAQ. That may include another R/S, but not soon, and not before they do major reparations to the pps. There are so many news stories that are imminent:
1. Spinoff companies
2. Closing of purchase of Jamestown Hospital
3. Pending litigation or and/or settlement with CIGNA.
4. Financials, which if the CEO is not a liar, should be improved.
That’s just a start. There are so many pieces to this company they could do a PR deluge if they wanted.
I admit NASDAQ reentry is a clear home run, and I doubt anyone would bet their life on it at this point, but...
1. Two R/S in recent past with no pathway for third in near future.
2. No chance for dilution in near future
3. About to close on a $90M rev. hospital
4. PPS is literally a penny!
Even if this is a POS, above is enough to tell me still an undervalued POS. C’mon, it’s a penny.
If that is the case, then they are temporarily stuck, with no option to R/S right away, and no where to dilute in the near future. I guess they are just going to have to lie and pump the stock price until then so they can make their fortune on the remainder of the AS they just gave themselves. I won’t cry if that turns out to be true.
He was a NASDAQ CEO a few months ago, but you categorize him in the same category as scam artists? I think that is being a little cynical. If you believe that he did this on purpose, part of the reason they are in such a mess right now is in fact because crooked Cigna (and I mean that sincerely, just Google how many people they screw over and scam)didn't pay them $10M for lab services. I am not counting on that $10M, but at this point I do believe it is likely (I'm guessing more like $6-7M settlement). If this is really a normal penny stock, than you will be right, and this mastermind scammer, who planned to be on NASDAQ first, but then purposefully tanked his company so he could take advantage of innocent penny stockholders like myself. The more I think of it, you're argument sounds more and more logical every minute. SMH.
Well, I'm brand new to this stock, but let me try:
1. CEO mentioned they would hit a break even point this year (logic would tell you they will start to turn profit Year to year shortly thereafter.
2. Potential $10M award from Cigna, which they just won an appeal on to pursue the $10M.
3. Revenues from hospitals, which will expand rapidly throughout 2018, and with the new tax laws, should be profitable.
4. Considering they don't have loans due until late 2019, and will have a profitable model moving forward, along with dramatically higher revs. which will normalize their debt situation, this should do the trick
Question: What does a $10M award to Rennova from Cigna do to this stock? Leaning on others who know a little more about the financials of this company. It seems like big news, but how big? Now that they won the appeal, this is the next step, and a litigation victory does not seem far fetched at all at this point.
Looks like I found the answer:
On August 17, two drug-testing laboratories in Florida sued Cigna for $10 million plus attorney’s fees and costs, charging that the Connecticut-based insurance company unlawfully withheld payment for out-of-network drug tests. The labs, BioHealth Medical Laboratory Inc. and PB Laboratories, do not have contracts with Cigna. The complaint was filed in the United States District Court for the Southern District of Florida.
Seems like a legit Nasdaq stock who got screwed when they couldn't get paid for their services. It's interesting if they have a chance to recover their money from that, that would be big.
Great DD!
Question: Do we have any idea on the $$ amount which Rennova will seek from Cigna? I'm imagining that would be a big number.
Also like the fact they bought a $5M hospital for $1M. Newer, bigger hospital should close early 2nd quarter, and since it is already operational, should give revs. right away (Rennova is already in there implementing their technology)
Damnit! Have all day meeting. Didn't handle it nearly as well as I could. Still averaged down.
Started off at .0133. Ended up at .0158 avg. with triple the shares and took $1K beer money. Could've been better, but could have been worse too.
Got pretty much everything I wanted today, except a strong close.
I'm not going to lie, I'm rooting for it to go down. I need more!
If you look at the large numbers on the bid, those are people in here, saying "please sell, please sell". So if you do sell, know that is went to one of us :)
Got cute and sold, then had to chase a little to buy back in. Dumbass. Still up $1300 on this stock today. :)
You looking for cheap shares? Me too. I just don't bash for them. But thank you for the work you do.
Looks like we got a day trader sitting on us. .0151 buy and .016 sell
She moves quick. This thing with real momo could hit .05 today. Not saying it will, but it could. Don't blink.
I'm waiting painfully for this for this first 30 min to paint. Hopefully it's not too painful. I have that conflicted feeling of a trader who is in, but not as much as he wants to be. :P
If you are trying to figure out what is likely to happen, I refer you back to last Wednesday or Thursday.
I like the optimism, and not necessarily disagreeing, but these are distressed hospitals, so good news/bad news:
Good news: They are for sure getting good deals on them
Bad news: Why are they distressed? Hopefully, they are poorly run, and this can be turned around quickly. But, what if it is tied to demographics (rural)? Or some bigger issues which are harder to turn around. I will be looking at profit numbers from their new acquisitions closely.
Looking for confirmation of a bounce off the 50dma, and then I will look to add.
bounced off the 50 SMA. I'm in at .0133, didn't time it well, but hopefully well enough.
That't interesting. So it appears that WEGI doesn't deal with restructuring buildings, but most else including anything associated with water damage. OK and TX could use a lot of that. Erin might be more significant to this stock than Dean, although just the attention we have got from Dean is important. Either way, it sounds like they are going to be making money.
I'm definitely not a hurricane expert, but it does look like it's taking more of a northern route in the past few hours. I'm sure it could turn back again, but it looks like Texas is more in the picture now than it was a few hours ago. JMO and interpretation of the weather maps.
Sorry to say that I got out early of this one. I had to be away most of the day, and I never like to let my money sit, so I settled for a small gain in the .02's. I wish you all luck here, as this could be a really good play. I will get back in on this one next week probably, but I'm playing a bit with WEGI first (no plug intended) Congrats to all those who bought at .20 and under and didn't sell.
Even if they can't get out of the Chapter 11, this is still a good buy. I like our chances. Just don't go looking too far north. Don't be afraid to pull the trigger.
Is Friday supposed to be good? I'm working all weekend, so no fun for me, if that's what you mean. If not, than I thought Friday's weren't very good trading days.
MM's are trickling trades at .18 to scare people off. The real scary part is, it works a lot of the time.
People are getting impatient. We should be able to figure something out by the end of the week.