Hopefully, the 4th quarter earnings are impressive, or else I think this could drop a lot. (not bashing, just being realistic)
I think MYEC is a great company and they are experiencing solid growth. They have a good product, improved performance, and a history of much higher share prices. There is no doubt about any of that.
That being said, my biggest concern (as expressed in an earlier post) is that the stock is extremely overvalued. The market cap is about $26 million dollars and the company only has $53,000 in assets and $553 in Q3 net income. Think about it...if you were a private investor, would you pay $26 million for this company?
I understand that a good majority of the shares are owned by Ed Starrs, so the effective market cap is different. I'm also aware that Ed says he has no plans to sell those shares. Nonetheless, those shares still exist. As the price of the shares in the float increase, so do the price of Ed Starrs' shares, so essentially those shares are contributing to the dilution of the shares in the float and making this company appear over valued.
Additionally, there was no catalyst for the recent run, which is why I believe that Q4 results need to be impressive in order to sustain the recent bounce.
Don't get me wrong, I am invested in this stock, and in no way am I bashing it. I just wanted to share my point so others could invest wisely instead of just buying into the hype. As of now, I'm skeptical of buying shares in the 6s. I'm sure we will see much higher prices, but whether or not they are "permanent" is yet to be seen
Trying to stay unbiased, so iHub can be a source for quality information that helps others invest wisely, instead of a place for people to try to manipulate stock prices.
AI
