ACTN From a technical point if view, further appreciation looks possible today, though the lack of news and the low liquidity increase the risks.
On the other hand, ACTN share price had been $5 just in September this year, while its market cap of only $21 million looks also too low for the reported in the last 10-Q fundamentals.
According to the latest quarter report of Longhai Steel, Inc., the company's main business is to produce steel wire and the operations are conducted through Hong Kong and Chinese subsidiaries. As of end-June 2011, ACTN reports $94.2 million in total assets, $70.5 million of which current, current liabilities of $44.9 million and no long-term debt. At the same time, ACTN reports revenue for over $165 million just for that last quarter, and a net income of $1.8 million.
It looks like the reason for ACTN lack of popularity among the trading community could be its ownership structure, and respectively its low public float. According to the company's SEC filings, over 80% of the issued capital stock (which is 10 million shares of common stock) is controlled by the company's CEO (51%), a related to him person (29%) and by the former CFO of Longhai Steel Dr. Eberhard Kornotzki (5.2%).
This info is not to be construed as a solicitation to buy/sellsecurities. Hdogtx reserves the right to either BUY/SELL shares in a company's stock he mention
This info is not to be construed as a solicitation to buy/sellsecurities. Hdogtx reserves the right to either BUY/SELL shares in a company's stock he mention
